Barrick Gold (ABX) says it has started a process to sell its oil and gas unit, Barrick Energy,...

Barrick Gold (ABX) says it has started a process to sell its oil and gas unit, Barrick Energy, as the spread has grown between Alberta oil prices and the Texas crude price. Barrick Energy's sales are at Edmonton Par price, while the miner's energy costs are benchmarked against WTI. ABX does not say how much it expects to raise in the auction.

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Comments (5)
  • losbronces
    , contributor
    Comments (1037) | Send Message
    Seems like they are selling at the worst possible time. But then those project overruns have to be paid for.
    1 Feb 2013, 09:46 AM Reply Like
  • Jame Cai
    , contributor
    Comments (38) | Send Message
    On the contrary, I think it's good time to sell oil assets, because the oil prices are quite high now.
    1 Feb 2013, 04:07 PM Reply Like
  • losbronces
    , contributor
    Comments (1037) | Send Message
    Not Canadian oil from Alberta, its down around $55/bbl. It sells at a huge discount to WTI crude because of the lack of transportation options.
    1 Feb 2013, 06:08 PM Reply Like
  • vaswani
    , contributor
    Comments (2) | Send Message
    It means cash will come to ABX, asset quality will improve and more concentration on core business.
    5 Feb 2013, 09:04 AM Reply Like
  • mittens2516
    , contributor
    Comment (1) | Send Message
    Hope it starts to go up some year.Would like to unload it.
    5 Feb 2013, 11:05 AM Reply Like
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