U.S. firm buys Shell Canada's oil unit

Article Abstract:

Apache Corp of Houston, TX, has announced a deal to acquire Calgary, Alberta-based Shell Canada Ltd's conventional oil business unit or C$770 million. The purchase, which includes oil assets that produce almost 13,400 barrels a day, would place Apache in the top 25 oils producers in Canada. Apache currently produces a modest 2,700 barrels per day in Canada. Shell Canada is expected to post an after-tax gain of C$235 million from the transaction.

United States, Acquisitions & mergers, Petroleum, Petroleum and Coal Products Manufacturing, Shell Canada Ltd.

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Occidental puts CanOxy into play

Article Abstract:

Occidental Petroleum Corp, based in Los Angeles, CA, is staying keen on finding the best opportunity for its interest in Calgary, Canada-based Canadian Occidental Petroleum Ltd. This has prompted CanOxy to effect a shareholder rights plan or poison pill to defend itself against hostile bids. Occidental reveals that it is open to offers for its 29% stake in CanOxy to pay down debt.

Canada, Petroleum Refineries, Oil Products, Occidental Petroleum Corp.

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