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Strategies & Market Trends : Drillbits & Bottlerockets -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (5099)	3/8/2001 7:21:32 PM
From: hobo	Read Replies (1) \| Respond to of 15481

And winter is almost over. Good, and I hope that the hottest of summers is just around the corner because... The air conditioning needed to cool things down need electricity, which is generated by burning natural gas, which supplies seem to be dwindling... and... no competition in sight (the experts say 10 years), because 1. coal is too dirty to burn 2. a good number of electricity generating plants have been design for gas as fuel. 3. the mess that the bureaucrats have created in California But please, tell me if I am missing something. so in your parlance if we take out 272 ... it is into new all time high teritory and... Not to mention that Barret rejected the offer from Eager Beaver Royal Dutch Shell (only a 24 % premium of market price --at the time--) news.ft.com Barrett rejects hostile Shell bid By Peter Thal Larsen and Julie Earle in New York Published: March 8 2001 23:02GMT \| Last Updated: March 8 2001 23:43GMT Barrett Resources, the US gas exploration and production company, on Thursday effectively put itself up for sale after rejecting a hostile takeover approach from Shell, the Anglo-Dutch oil giant. After almost two days of meetings, Barrett's board of directors dismissed Shell's proposal but invited the group to participate "along with others" in an auction for the company which is being organised by Goldman Sachs, the investment bank. Barrett's move undermines Shell's offer, which valued the company at $2.2bn including the assumption of debt. It also raises questions about the decision by Shell, which has traditionally shied away from hostile takeover bids, to publish details of its proposal before Barrett's board had a chance to respond. It is understood that, since Shell's offer was made public, several other oil groups have contacted Barrett about a possible takeover. However, it is unclear whether Barrett was already considering another offer when Shell made its approach. Analysts said Barrett could attract the attention of other oil groups including Anadarko Petroleum, the US group, or BP, the UK giant. Local rivals such as Burlington Resources and Devon Energy could also be interested in Barrett. What's more, Shell could be at a disadvantage to rival bidders because it does not already have a presence in the Rocky Mountains, where Barrett is strong. "Anadarko Petroleum makes a lot of sense because of the operational synergies with it being one of the largest holders in the Rocky Mountains," said Christopher Eades, an analyst at UBS Warburg in New York. BP, which acquired sizeable operations in the Rocky Mountains through its acquisition of Amoco and has previously said it is bullish on the fundamentals for natural gas in the US, could also become involved. Barrett said Shell and other bidders would be likely to offer a higher price for the company once they had the benefit of non-public information about the company's gas reserves.