Chesapeake Energy (CHK) will buy Bronco Drilling Company (BRNC) for $315M, or $11/share - a 6.5% premium to Thursday's close. The acquisition adds 22 rigs to Chesapeake's drilling operations and furthers its goal of owning two-thirds of the rigs it operates, a key aspect of its vertical-integration strategy. BRNC +6.6% premarket. (PR)
An oil panic is the best scenario for the U.S. to implement alternative energy solutions, ZorTrades writes, pointing to spikes in natural gas stocks Clean Energy (CLNE +8.3%) and Westport (WPRT +3.1%), +14% and +21% respectively since Libyan fighting broke out. Other nat gas stocks ZorTrades likes long: MCF, KWK, MMR, SSN, OAS, BRNC, DO, OIS, CVI.
The Colombian government's welcoming policy on oil and mining exploration is drawing the interest of Carlos Slim. "They don't want to have Treasuries ... the dollar is weak and there’s no interest," says Slim, explaining why Colombian politicians would rather invest reserves in commodities. GXG -1.0%. AND -0.8%.