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Biggest China Deal Sours as Cnooc Ratings Hit 3-Year Low

Bloomberg -- Cnooc Ltd. (883)’s analyst ratings have sunk to their lowest level in three years just as the Chinese state-controlled oil explorer prepares to buy Canada’s Nexen Inc. (NXY) for $15.1 billion in a deal that escalates production expenses.

China’s lowest-cost producer will take over a Western company that pumps about 200,000 barrels a day at a cost of $20.84-a-barrel of oil equivalent, according to data compiled by Bloomberg. That’s more than twice Beijing-based Cnooc’s average cost last year of $9.01 to turn out 950,000 barrels daily.

The deal underscores China’s unprecedented urge to buy oil deposits even at above-average costs to feed an economy the U.S. National Intelligence Council this week forecast will surpass the U.S. before 2030. China, the world’s biggest energy- consuming...

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Submitted Dec 17, 2012 By: NOTSOGRN

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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Dec 19, 2012 4:16:46 AM Ignore honda0105 Report Abuse might not be the worsth of things.
scorpiogg Veteran Author Modesto Posts:253 Points:173,025 Joined:Nov 2012	Message Posted: Dec 18, 2012 7:45:23 PM Ignore scorpiogg Report Abuse this is bad, not a good thing at all...
bevmill Champion Author Georgia Posts:2,716 Points:627,250 Joined:Apr 2006	Message Posted: Dec 18, 2012 7:09:07 PM Ignore bevmill Report Abuse The jury is still out on this one.
58salty Champion Author Jacksonville Posts:6,826 Points:656,615 Joined:Aug 2011	Message Posted: Dec 18, 2012 5:20:15 PM Ignore 58salty Report Abuse this is bad, not a good thing at all...
obimerrill Champion Author Cincinnati Posts:1,580 Points:317,415 Joined:Jul 2012	Message Posted: Dec 18, 2012 12:01:28 PM Ignore obimerrill Report Abuse They will keep buying up until they control much of the world economy all while artificially keeping their own currency valued. And Obama and the UN will do nothing
skybiker Champion Author South Carolina Posts:7,403 Points:1,585,640 Joined:Jul 2008	Message Posted: Dec 18, 2012 7:03:33 AM Ignore skybiker Report Abuse Now you see the profit margin..costs 49.50 a barrel to produce...sells for $86 a bbl wholesale...ridiculous
nb52 Champion Author Grand Rapids Posts:7,915 Points:1,573,575 Joined:Nov 2008	Message Posted: Dec 18, 2012 4:13:12 AM Ignore nb52 Report Abuse Maybe the U.S. government can buy them like they did GM and Chrysler.
honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Dec 18, 2012 3:52:57 AM Ignore honda0105 Report Abuse JuicyQ: humans fear what we don't understand. Learn more about China, history and mentality and you may not be scared. That's not to say that economic issues are not a concern.
honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Dec 18, 2012 3:51:50 AM Ignore honda0105 Report Abuse good point, buck_on_bass
tomok Champion Author Portland Posts:33,579 Points:2,372,235 Joined:Aug 2006	Message Posted: Dec 18, 2012 1:33:00 AM Ignore tomok Report Abuse Biggest China Deal Sours as Cnooc Ratings Hit 3-Year Low and how much is your country and natural reasources worth? China has extra money it can buy many things with and that includes a good supply of oil and fuel for its vehicles. Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high! XII/XXII/MMXII!
kgbellman Champion Author Ann Arbor Posts:2,849 Points:758,565 Joined:Mar 2011	Message Posted: Dec 18, 2012 12:59:36 AM Ignore kgbellman Report Abuse They will wnsure they get oil any way they can
SkooterG Champion Author Phoenix Posts:1,369 Points:344,185 Joined:May 2012	Message Posted: Dec 18, 2012 12:22:39 AM Ignore SkooterG Report Abuse Doesn't sound good.
JuicyQ69 All-Star Author San Bernardino Posts:660 Points:1,163,110 Joined:Apr 2009	Message Posted: Dec 17, 2012 11:22:55 PM Ignore JuicyQ69 Report Abuse China scares me...not sure why.
wshokie12 Champion Author Winston-Salem Posts:1,455 Points:243,285 Joined:Aug 2012	Message Posted: Dec 17, 2012 11:04:12 PM Ignore wshokie12 Report Abuse I don't like it...
vulcan96 Champion Author Ohio Posts:27,142 Points:3,126,845 Joined:Aug 2004	Message Posted: Dec 17, 2012 11:03:53 PM Ignore vulcan96 Report Abuse they have most of our money (except what our politicians haven't taken already) anyway ---- s0 , they can buy what ever they want.
Zonk Champion Author Michigan Posts:6,616 Points:2,129,490 Joined:Oct 2005	Message Posted: Dec 17, 2012 10:59:36 PM Ignore Zonk Report Abuse China is in an excellent financial position to make these deals. They possess a significant ownership of the USA.
mrreferee Champion Author Savannah Posts:1,363 Points:579,445 Joined:Jun 2011	Message Posted: Dec 17, 2012 10:54:50 PM Ignore mrreferee Report Abuse sad when companies sell out to forigen governments and their shadow companies
LanguageMan1 Champion Author Tampa Posts:11,861 Points:1,688,515 Joined:Apr 2008	Message Posted: Dec 17, 2012 10:53:07 PM Ignore LanguageMan1 Report Abuse Prices will be higher in the long term.
Doomsday64 All-Star Author Austin Posts:905 Points:353,050 Joined:Apr 2011	Message Posted: Dec 17, 2012 10:52:51 PM Ignore Doomsday64 Report Abuse not good
GigHarborHound Champion Author Tacoma Posts:2,669 Points:514,240 Joined:Sep 2011	Message Posted: Dec 17, 2012 10:50:25 PM Ignore GigHarborHound Report Abuse Say it ain't so!!!
pa79th Champion Author Pennsylvania Posts:1,922 Points:1,243,050 Joined:Jun 2007	Message Posted: Dec 17, 2012 10:48:53 PM Ignore pa79th Report Abuse mmmm! Payback. Tastes good, and you won't be hungry again in half an hour.
Thomtec Champion Author Nashville Posts:2,595 Points:634,420 Joined:May 2011	Message Posted: Dec 17, 2012 10:45:32 PM Ignore Thomtec Report Abuse Great news
furiousfowl Champion Author Riverside Posts:16,975 Points:2,770,735 Joined:May 2005	Message Posted: Dec 17, 2012 10:45:01 PM Ignore furiousfowl Report Abuse not good
snky2k Champion Author Indianapolis Posts:1,523 Points:329,840 Joined:Mar 2012	Message Posted: Dec 17, 2012 10:38:02 PM Ignore snky2k Report Abuse Yesterday's news.
jkpsr Champion Author New Jersey Posts:4,207 Points:1,127,915 Joined:Jun 2005	Message Posted: Dec 17, 2012 10:33:31 PM Ignore jkpsr Report Abuse China is not only the World's biggest energy consumer, but, also, the World's largest polluter.
btex49 Champion Author Austin Posts:2,835 Points:554,655 Joined:Aug 2011	Message Posted: Dec 17, 2012 10:32:04 PM Ignore btex49 Report Abuse I hope the deal goes real far south.... I don't believe the Chinese have a moral or ethical base... and I hope it catches up with them sooner rather than later.
Harry813 Champion Author Iowa Posts:3,135 Points:688,365 Joined:Jul 2011	Message Posted: Dec 17, 2012 10:31:44 PM Ignore Harry813 Report Abuse We buy thier products. We should have just kept buying our own. And...now look what they can do...
10k Champion Author North Carolina Posts:21,485 Points:2,281,720 Joined:May 2006	Message Posted: Dec 17, 2012 10:30:03 PM Ignore 10k Report Abuse nobama shouldn't like this-china is infringing on his and chavez' territory..
lunarrv15 Champion Author Cincinnati Posts:15,055 Points:2,409,110 Joined:Dec 2005	Message Posted: Dec 17, 2012 10:29:50 PM Ignore lunarrv15 Report Abuse okay...interesting thanks for posting GB blog
Ray_10589 Champion Author New York Posts:5,081 Points:1,210,460 Joined:May 2009	Message Posted: Dec 17, 2012 10:28:03 PM Ignore Ray_10589 Report Abuse no surprise
Dodge_Me Champion Author Atlanta Posts:2,214 Points:575,730 Joined:Mar 2006	Message Posted: Dec 17, 2012 10:24:57 PM Ignore Dodge_Me Report Abuse Hit em good in the wallet
crreed1 Champion Author West Virginia Posts:2,100 Points:2,550,715 Joined:May 2005	Message Posted: Dec 17, 2012 10:24:31 PM Ignore crreed1 Report Abuse they want it all & they are getting it
craigsf38 Champion Author Rochester Posts:5,848 Points:1,536,980 Joined:Jun 2008	Message Posted: Dec 17, 2012 10:21:27 PM Ignore craigsf38 Report Abuse This is just an example of the long game the china plays.
CDMAuto Champion Author Connecticut Posts:3,927 Points:780,580 Joined:Apr 2011	Message Posted: Dec 17, 2012 10:20:26 PM Ignore CDMAuto Report Abuse China ?????????????????????????
silverfox63 Champion Author Michigan Posts:8,242 Points:1,635,515 Joined:Oct 2008	Message Posted: Dec 17, 2012 10:19:58 PM Ignore silverfox63 Report Abuse China is taking over the world or at least they are trying too.
pacecar68 Champion Author Oakland Posts:4,767 Points:888,445 Joined:Jan 2007	Message Posted: Dec 17, 2012 10:19:38 PM Ignore pacecar68 Report Abuse i don't like it.
Ray_10589 Champion Author New York Posts:5,081 Points:1,210,460 Joined:May 2009	Message Posted: Dec 17, 2012 10:17:50 PM Ignore Ray_10589 Report Abuse China owns us ...
mfeldstein Champion Author Ottawa Posts:8,301 Points:1,956,230 Joined:Feb 2007	Message Posted: Dec 17, 2012 10:15:32 PM Ignore mfeldstein Report Abuse If mergers continue unabated we'll end up with one (Chinese?) company owning us all.
jcdakota Champion Author Baltimore Posts:1,427 Points:377,345 Joined:Nov 2010	Message Posted: Dec 17, 2012 10:14:50 PM Ignore jcdakota Report Abuse We didn't want the Chinese to buy Canada's oil anyway - let's keep it in North America, we can buy it!
5Golfer8 Champion Author Tucson Posts:2,258 Points:325,950 Joined:Jun 2011	Message Posted: Dec 17, 2012 10:13:42 PM Ignore 5Golfer8 Report Abuse Look out the commies are taking over.
gasmack Champion Author Ventura Posts:1,752 Points:679,840 Joined:Feb 2011	Message Posted: Dec 17, 2012 10:13:11 PM Ignore gasmack Report Abuse Hope this development proves to be a stake in the heart of this Chinese energy vampire.
boatfloyd Champion Author Jacksonville Posts:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Dec 17, 2012 10:12:42 PM Ignore boatfloyd Report Abuse Will be interesting to see what happens.
TheeRedRam Champion Author Hartford Posts:3,298 Points:699,360 Joined:Jun 2011	Message Posted: Dec 17, 2012 10:12:23 PM Ignore TheeRedRam Report Abuse Not looking to good here.
defense Champion Author Grand Rapids Posts:1,463 Points:1,390,990 Joined:May 2004	Message Posted: Dec 17, 2012 10:11:45 PM Ignore defense Report Abuse ok
cheaper0ON Champion Author Ontario Posts:1,118 Points:424,780 Joined:Jan 2012	Message Posted: Dec 17, 2012 10:11:41 PM Ignore cheaper0ON Report Abuse hmmm...
ManOfLeisureII Champion Author Philadelphia Posts:2,010 Points:480,875 Joined:Jan 2012	Message Posted: Dec 17, 2012 10:08:24 PM Ignore ManOfLeisureII Report Abuse Learn Mandarin.
UpSol7 Champion Author Augusta Posts:1,709 Points:784,625 Joined:Sep 2008	Message Posted: Dec 17, 2012 10:08:20 PM Ignore UpSol7 Report Abuse maybe a canada-china pipeline.....
heartbroken2010 Champion Author Ottawa Posts:4,480 Points:924,260 Joined:Aug 2010	Message Posted: Dec 17, 2012 10:07:42 PM Ignore heartbroken2010 Report Abuse gotta keep their people fed etc.
Bubba44612 Champion Author Ohio Posts:7,526 Points:1,903,410 Joined:Aug 2005	Message Posted: Dec 17, 2012 10:07:10 PM Ignore Bubba44612 Report Abuse This is what our money buys after we buy their crap.
sackman All-Star Author North Carolina Posts:707 Points:298,380 Joined:Apr 2011	Message Posted: Dec 17, 2012 10:06:29 PM Ignore sackman Report Abuse Hmmmm