Chesapeake sale to the Chinese (Sinopec)

50% of Oklahoma holdings to the Chinese.

"We are excited to announce the execution of our Mississippi Lime joint venture with Sinopec, which moves us further along in achieving our asset sales goals and secures an excellent partner to share the capital costs required to actively develop this very large, liquids-rich resource play."

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Permalink Reply by mark ayers on February 26, 2013 at 11:16am

The Chinese have a lot of disposable income. Maybe they needed a write off...

Permalink Reply by gary smith on February 26, 2013 at 12:20pm

not gonna be a write off by the looks of the comments in the stock market. it looks to be a big deal and a money maker. helping to push us on to energy independence.

Permalink Reply by Robert Olin on March 2, 2013 at 6:45pm

Think of all the technical expertise on horizontal drilling and fracking they will also get.

They are flush with money because their system doesn't have politicians who give away other peoples  money in order to stay elected.   We could fix that with term limits but what politician would vote to end his own rein of terror.

Permalink Reply by gary smith on February 26, 2013 at 12:21pm

we're in obamaville joe.

Permalink Reply by Equipment Guy on March 1, 2013 at 3:15pm

If the Chinese want to invest in the Utica shale that's fine with me.  It should be fine with anyone who benefits from CHK and their investment in our area.  We are spending a lot of their money and wherever they have to get it from as long as it keeps things moving.  We have a long ways to go and the biggest hurdle is keeping the money flowing long enough to get the pipelines and cracker plants and wells done so that everyone gets a share in the royalties.  No wells- No Royalties, No Pipelines- Limited production and Royalties, No Cracker Plant - Limited incentive to drill more build pipelines, build wells, limited Royalties.  Get it.  We need them to have good investors.

Permalink Reply by Robert Olin on March 1, 2013 at 6:12pm

There's a couple reasons for manufacturing coming back to the US.  First, the shale oil and gas revolution.  Second, is the unreported labor movement in China.  Hundreds of strikes across the nation with almost no press coverage.  Seems the Chinese workers have the radical idea that if you work all day - you should be able to put food on the table and a roof over your head. 

2z248p19vqnh9Permalink Reply by 2z248p19vqnh9 on March 29, 2013 at 6:46am

*don't forget 3-D Printing tech...the new, different. presently affecting the Dentistry industry +, pretty amazing. Wonder how THAT will end up 'changing things? One thing affects another, and so the gerbils continue to turn the wheel...

- As far as 'unreported labor movement' in China...when feet run, they run to freedom. Meaning that ALL individuals, everywhere - no matter what culture, religion, or creed - ACTIVELY SEEKS 'freedom & respect'. value given, value received. WHY do you think so many individuals try to 'get here'?...maybe it's not quite as strongly as that once was - but it can be said: When feet run - they run to FREEDOM. *what will happen once America is not as wonderfully free as it even is yet?...I pray that I don't ever get to see THAT day.

We just don't understand WHAT we've got here in this country - won't until it's 'gone'...and the rug us pulling right out from under us, with our own doing. Yes, it will be good that 'manufacturing' is coming back to the US. Gas & Oil is 'back East' again...didn't think it woud. Amazing what happens over time, eh?

Permalink Reply by Joseph-Ohio on March 2, 2013 at 12:43am

Maybe everyone else has already done the math based on earlier information or has seen this info. elsewhere; but, for whatever it's worth to those who read this post, I just read that the transaction worked out to be $2.4k per acre for a 50% interest in the acreage.

If that's the cost for a 50% interest than the total value based on this sale would be double that or $4.8k per acre; and if that's supposed to work out to be a 2/3 discount from the earlier total projected value, the earlier projected value would work out to be $7.2k.

 

 

2z248p19vqnh9Permalink Reply by 2z248p19vqnh9 on March 28, 2013 at 5:02pm

Huh...haven't been overly following for the time being. Gary - did you read when I shared about Atlas being strongly looked @ by Reliance (India Co.?)- but it was a 'no-go'...? This is interesting - didn't CHK buy ATLS?...so if that is the case - WHAT got 'purchased'? the 'deep well' contracts?...boy are we fools.

When the, hits the fan - someday (and there WILL be a 'someday', friends - and on OUR ground...be afraid, be VERY afraid...). You just don't 'get it' - do you, kids? The quest & LUST for the 'all-mighty dollar' is going to drag you right through the mud.... NOW I'm no 'doomsday' profit, but I'm not an idiotic fool either. You 'floaters' are going to have to go through it yourselves before you 'get it'...and unfortunately by THEN - it will really, REALLY be 'too late'. You'll have no one to thank but yourselves (and I doubt you'll even be able to THAT 'well'...you'll just gripe & moan, and BLAME 'someone else'). THAT is what this shallow, DEGENERATE generation has become....babies. 

So HOW is this working? How 'agressive' will they NOW be in their drilling initiatives?...just because they're on 'US soil'...will they have to 'play by our rules'?...oh, to be sure - the 'bribes' to get areas/wells DRILLED will move things 'right along' ) - follow the money...of course - no one will admit that, it'll just be done. WATCH & SEE.

Next Question - how 'ethical' do you believe they will be in any WELL 'arms' - Horizontal, in particular...they will be?...things will change - in ways that are not yet perceived...AND because they are a 'foreign company' operating here - will they be HARDER to 'pin down' with WRONGDOINGS with suits? Will they be able to 'draw things out' & perpetually 'dangle' the landowners?...could be a REAL mess! A 'mess' the likes that WE Americans have NEVER witnessed & seen EVER on out HOME TURF. This is not good - it's NOT going to be good...and it's only 'just begun' - everything has 'a honeymoon'...THEN you'll begin to see the 'woods for the trees' (unfortunately the 'horse will ALREADY be 'out of the barn'...).

NO ONE 'TAKES YOUR POWER AWAY' - YOU 'GIVE IT AWAY' (OR? 'sell it down the river'...). Nobody knows the trouble I've seen.... Boy, oh, boy....

As one light lights another, nor grows less - so nobleness enkindles nobleness. Hope you know what you're doin', kids....

2z248p19vqnh9Permalink Reply by 2z248p19vqnh9 on March 29, 2013 at 1:34am

No - just looked it back up...it was Chevron that bought out Atlas. There is SO much of this 'under the sheets - wheel/deal, 'hocus-pokus'...that it's just tough sometimes to keep track of...

Permalink Reply by Mike Fulper on March 29, 2013 at 4:01am

In the 1800's... the biggest holders of CATTLE RANCHES.....were.. Foreign owners....

2z248p19vqnh9Permalink Reply by 2z248p19vqnh9 on March 29, 2013 at 4:43am

You mention 'cattle ranchers', Mike F. ...every hear of 'Prince Eric'? - Armand Hammer (Arm N. Hammer...) was in the cattle business, too. Really developed the BLACK ANGUS market because it was a 'better cur of meat' - yeah, his butler, at auction, brought home a VERY expensive cow - because that's all that was there when he GOT there (he got there late...)...BUT that ended up being a 'fortunate mistake'. WHEN Hammer ate the meat - BOY, it was GREAT (well marbled, superior...). He THEN went on to promote & PROFIT from THAT market, too...anyway - Al Gore's family was involved with Hammer too - the dad...'meat market'...political 'entertwining'. I'll scratch your back if you scratch mine...hand holding...the rest is history...whatever. Isn't it interesting all of the 'CONNECTIONS'? - SO, the next time you enjoy a great steak, think of PRINCE ERIC (Hammer's Black Angus 'prize breeding bull'), Hammer himself...and enjoy - because without AH - you'd all be twiddling your thumbs, PROBABLY trying to figure out something to do - because it wouldn't probably be the G&O industry that you may be employed in...because the jobs just WOULDN'T BE THERE...think about THAT.

...and yes - 'foreign owners' - Hammer was Russian (YES - came here, profited & emhanced, but he was still RuSSIAN...)...OXY

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