• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 4 hours In a Nutshell...
  • 2 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 39 mins Is the oil & gas industry on the way out?
  • 1 day Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 36 mins Why Oil could hit $100
  • 2 days The Coal Industry May Never Recover From The Pandemic
  • 2 days A Real Reality Check on "Green Hydrogen"
  • 1 day Where is Alberta, Canada headed?
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days Why Wind is pitiful for most regions on earth
Tesla’s Ambitious Plan To Ditch Cobalt

Tesla’s Ambitious Plan To Ditch Cobalt

Tesla is set to disrupt…

Libya Lifts Force Majeure On All Oil Exports

Libya Lifts Force Majeure On All Oil Exports

After six months of port…

World's Largest Copper Producer Moves Back into Oil with $9 Billion Takeover

The world’s largest publically traded copper producer, Freeport-McMoRan Copper & Gold Inc., has announced a $9 billion agreement to buy the oil company Plains Exploration & Production Co., and McMoRan Exploration Co.

Freeport has agreed to pay around $50 per Plains share, in the form of cash and stock; a premium of 39% based on the companies closing share price on Tuesday.

In September Plains bought $6.1 billion worth of assets in the Gulf of Mexico from BP and Royal Dutch Shell; Freeport will receive all of this in the deal.

Freeport will receive $9.5 billion from JPMorgan Chase & Co in order to finance the cash part of the deal and pay all outstanding debts owned by Plains.

Related Article: Bad Times for BP Amid Rumors of Acquisition or Split

Kuni Chen, an analyst at CRT Capital Group LLC, has mentioned that some investors could have reservations about the takeover because, as he explains it, “clearly the synergies between putting a mining company and an oil exploration and production company together remain to be seen.”

Synergy between the companies should not be too challenging considering the close connections that they all already have. Freeport and McMoRan already share six board members including the cofounders of McMoRan, CEO Jim Bob Moffett, and Vice-Chairman B.M. Rankin. James Flores, CEO or Plains, also sits on the board at McMoRan, and Plains owns 31.5% of McMoRan.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News