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Transocean (RIG -1.2%) and Chevron (CVX -0.6%) are lower after Brazil told the companies to halt...

  • Friday, September 28, 2012, 10:59 AM ET
    Transocean (RIG -1.2%) and Chevron (CVX -0.6%) are lower after Brazil told the companies to halt operations in the country within 30 days (I, II), and UBS sees a $0.05/week hit to RIG's EPS. But don't panic, Tudor Pickering says: “[The] ruling has been appealed and ultimately we think this smoke clears," noting Brazil’s top oil regulator and Petrobras (PBR -2%) have backed RIG.
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    It would seem that Ed Markey has moved to Brazil. It's doubtful Brazil would ever be a significant producer even if production was in 100 feet of water and involved simple geology.
    28 Sep 2012, 01:47 PM Reply Like
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