Tullow Oil Plc.(TUWLF)- OTCPK - Current
  • Apr. 8, 2015, 7:30 PM
    • Analysts say Shell's (RDS.A, RDS.B) move to buy BG Group is telling potential acquirers that one of the biggest players is now confident enough to make a big play, and that the worst may be over in the big slide in oil and gas prices.
    • The deal also may be the starting gun for a wave of M&A activity that oil industry observers have been predicting since crude prices started to slump in June.
    • For starters, BG's U.S. shale assets likely will become candidates for divestiture after the Shell deal closes; in buying BG, Shell has made the choice to double-down on global liquefied natural gas and de-emphasize U.S. shale.
    • Among the biggest players, Exxon (NYSE:XOM) and BP could contemplate deals - perhaps even with each other, as has been speculated, since BP ranks among the cheapest major producers relative to estimated profit.
    • BG itself could whet the appetite of XOM's Rex Tillerson, who recently said there was "no limitation" to what he might buy - but he will be especially selective after getting burned by 2010's XTO purchase.
    • Companies with prime acreage in oil-rich shale fields in Texas, North Dakota and Colorado have become a lot cheaper in recent months; Anadarko (NYSE:APC), Cabot Oil & Gas (NYSE:COG), Pioneer Natural Resources (NYSE:PXD), Occidental (NYSE:OXY), Continental Resources (NYSE:CLR), Concho Resources (NYSE:CXO) and Tullow Oil (OTCPK:TUWLF) are among those at topping analysts’ lists.
    • Galp Energia (OTC:GLPEF) may draw interest from buyers because, like BG, it offers access to oil assets in Brazil.
    | Apr. 8, 2015, 7:30 PM | 14 Comments
  • Apr. 8, 2015, 3:48 AM
    | Apr. 8, 2015, 3:48 AM | 7 Comments
  • Jan. 2, 2015, 2:55 PM
    • Europe largely missed out on last year's $383B in oil and gas sector M&A activity, but Europe likely will get a bigger piece of the action in 2015 if current oil prices persist, according to Reuters' Fiona Maharg-Bravo.
    • Net debt at smaller explorers such as Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY), Premier Oil (OTC:PMOIF), Afren (OTCPK:AFRNF) and EnQuest (OTC:ENQUF) could all reach 3x EBITDA if oil remains at $60/bbl through 2015, Barclays estimates.
    • BG Group (OTCPK:BRGXF, OTCQX:BRGYY) has long been a target, and the new CEO starts in March; BP faces big liabilities in the Gulf of Mexico and volatility in Russia, it’s not clear if Shell (RDS.A, RDS.B) will make a move, while Exxon (NYSE:XOM) and other U.S. majors could be tempted.
    | Jan. 2, 2015, 2:55 PM | 6 Comments
  • Dec. 3, 2014, 7:58 AM
    • The plunge in oil prices has erased more than half of Tullow Oil’s (OTCPK:TUWLF, OTCPK:TUWOY) market value since June, and Bloomberg reports that management is now concerned the company could be vulnerable to a takeover approach by a larger oil and gas producer.
    • Tullow offers “a significant operating position that would not look out of place in the portfolio of a larger company,” says Societe Generale's David Mirzai, adding that the drop in oil prices “would certainly make it a lot easier to win the investor base around than in previous years.”
    • Total (NYSE:TOT), Cnooc (NYSE:CEO) and Exxon (NYSE:XOM) would be among logical bidders since they’ve expressed interest in African assets before, BMO says, adding that a buyer would not need to contend with obstacles such as a poison pill or dual-class stock structure.
    | Dec. 3, 2014, 7:58 AM
  • Feb. 17, 2012, 10:05 AM
    U.K. oil exploration firm BowLeven (BWLVF.PK +72%) flies after Dubai-based Dragon Oil says its mulling a bid for the company. Shares had already been up 20% on speculation Tullow Oil (TUWOY.PK) was an interested buyer. The bulk of BowLeven's assets are in Cameroon.
    | Feb. 17, 2012, 10:05 AM