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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Replies to This Discussion
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Permalink Reply by 0i7okn54zwbdo on
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This will effect zero people in Ohio. This is a sale of assets in Oklahoma and frankly CHK got taken for a ride on this one. Sinopec made out like bandits.
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Permalink Reply by Joseph-Ohio on -
That doesn't make make it all better on the grand scale.
Sorry, but I'm thinking that corporate America ought to be paying attention to getting our own domestic economy back on track - by foregoing the easy money and instead investing here at home.
That's just me sayin'.
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CHK did invest here at home. They got clobbered when corporate America woke up one morning and realized that all of the banks in the country were basically lying trough their teeth about how much sh*t they were actually swimming in. CHK has found that money is green, whether it comes from China, Australia, England or a big pile simply called "investors". The fact that they are reckless with that money is not the fault of the Chinese, the US government or any of us. This is just how things work. We're indulging in the same kind of fear mongering that was rampant in the 1980's. Back then every master of the universe told us that we were going to be owned by the Japanese by the end of the decade. Instead japan decided to have a 15 year long recession. Think China is poised for a massive crash to earth once their growth levels off? By 2020 they will have fallen back because there simply are not enough jobs--no matter how much they keep expanding--to keep that many people employed.
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Permalink Reply by Joseph-Ohio on
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I agree that over population and lack of jobs for the resultant humanity is a global threat.
Looks like we're going to need a couple more globes.
Only trouble with that idea is that there are none that we know of that we can get to.
Having said that - I still think corporate America needs to concentrate on our economy over foreign states - no matter past mistakes.
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Our government clips them for 35% of their income, has draconian laws that favor unions and our president wouldn't know how to run a lemonade stand. Tell me--and be honest--if you owned a business would you expand here or would you put your money into somewhere like India? Think about it. English speaking, democratic, full of educated people who love to work and an emerging class of potential wage earners who will accept much less money than their American counterparts. There's a reason that our job market is shrinking.
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Permalink Reply by Dan on
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We send the smart Indians that go to school here and want to open businesses here home after college so they end up employing Indians instead of Americans. We would have made Einstien go home in todays America. Western Canada invites the hard workers and educated. We still have imigration issues. We worry who is picking the beans and building Walmarts after hours and send the capable home. Our problems our our fault not China's.
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How about some tax incentives for people who don't add to the increase in population. People who are responsible and have two or less children should get some benefits - like good drivers. Do any of you really want the US to end up as crowded as India? Perhaps if your are he CEO of a big firm that relies on cheap labor.
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Permalink Reply by LERRET on -
This will be no different than in the early 80s when everyone thought the Arabs would buy us, or the late 80s when "Japan, Inc." was buying into American assets like the Rockefeller Center. How did that turn out? The Arabs lost their heinie. The Japanese went bankrupt on the Rockefeller building...
We will stick it in and break it off into the Chinese and they will get a taste of their own medicine. The Chinese did not make a good deal. When dealing with a docket jumping weasel like Aubrey no makes a "good deal"...
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Permalink Reply by Joseph-Ohio on
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The way I see it there is the U.S.A. and afterward there are all of the others.
I think all citizens including domestic business should see it the same way.
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there are other opinions as to who got taken.
some are saying the production of the shales sold is very very low.
TIME WILL TELL.
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Permalink Reply by LERRET on
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This is a sale of assets in Oklahoma and frankly CHK got taken for a ride on this one. Sinopec made out like bandits.
:rof: The chinks got screwed. They are paying 91% up front and holding the 9% because it is almost a given that 9% of the title work is bad. CNBC 's Cramer argued that perhaps Aubrey McClendon would have got a better deal. Sorry. I just talked to my OKC sources and they said the play is extremely poor and future wells will be 70% of Sinc money. The high cost of "moving water" is going to eat them up in expenses.
IF CHK was making so much money off these plays they wouldn't need the money. $12 Billion in debt isn't that high. The fact is they are spending as much to drill and produce as they are making... Once wells are not being drilled, the production falls off a cliff while expenses ride on.
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"$12 Billion in debt isn't that high"
When your market Cap is $15 billion yes it is.
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