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COPYRIGHT 2005 Hart Publications, Inc.
On the first Monday of April, a number of events converged in the energy arena: ChevronTexaco announced its $18-billion bid for Unocal, oil hit a record $58 in intra-day trading and the Howard Weil energy conference in New Orleans opened to a packed house of buysiders.
The perfect scenario for an oil and gas stock-buying spree, right? Not exactly. The stocks of ChevronTexaco and Unocal, already up on earlier merger rumors, played to shrugged-off Wall Street sentiment. Crude prices, meanwhile, retreated to just north of $53 as the four-day conference drew to a close.
The mood of buysiders? To understand that,...
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