Good luck getting all those dumb Muricans to stop driving their gas guzzling Escalades , Dodge Rams, F150's and the like. It's their god given right dontcha know................along with open carry weoponry
Well, the really dumb ones, sure. I'm always amazed when I visit the US how fast car purchasing changes. Visit when gas is $2 a gallon and there are F150s and Hummers rolling off the lot, $3.50 a gallon and it is Toyotas and Hondas.
Quote:
Looks like they borrowed ideas from the old Messerschmitt
VW Messerschmitt
Passenger seat doesn't look all that comfy either. Still, 230mpg is cutting edge. 100mpg is pretty easy to do, right now.
“Talk sense to a fool and he calls you foolish.” - Euripides
I am supposing if we tally up all your failed predictions against the failed predictions of others even Timmy would be way ahead of you in the success stakes.
Sure........my prediction was that these LNG projects are going to be duds. Yours was they gonna make us into an LNG export power house? jack ass
Now you can go back to your bullshit 'suppositions'..........
Sure........my prediction was that these LNG projects are going to be duds. Yours was they gonna make us into an LNG export power house? jack ass
Now you can go back to your bullshit 'suppositions'..........
Australia is a country with plenty of commodities so it stands to reason that if Australia has gas it can export it will do alright out of that where the current situation is highly unlikely to be a permanent one.
Or perhaps you have changed your mind in the last week on the ability of US fracking to lead to great things there?
As things stand according to that IEA article 60 is about break even and 75 is the expected price this decade.
Oil Search likely to reject Woodside $11.6b takeover offer Sep 8 2015 by Perry Williams Sarah Thompson
One of the most successful gas producers in Asia, Sydney-based Oil Search, is likely to reject an $11.6 billion takeover offer from West Australian rival Woodside Petroleum, which wants to use the collapse in energy prices to build a global gas network.
The all-share bid, which would be the largest Australian takeover since 2011, dramatically undervalues its liquefied natural gas assets in Papua New Guinea, sources close to Oil Search said.
Woodside wrote to the company on Friday with an offer of one Woodside share for four Oil Search shares, implying an offer price of $7.65 a share.
Oil Search chairman Rick Lee briefly spoke with Michael Chaney, his Woodside counterpart, on Monday.
Woodside was then forced into prematurely announcing details of the offer following revelations about the deal by The Australian Financial Review's Street Talk column.
Sources close to Oil Search said the board, which is expected to meet by the end of this week, would push for a much higher offer.
"It felt a lot lower than where you would normally kick things off," said a source close to the situation.
"Given where we are at a low point in the oil-price cycle you would need a premium of closer to 25 to 30 per cent to really get this moving."
The fall in crude oil prices over the past 12 months has sent the share prices of Australian energy companies plunging, creating opportunities for companies such as Woodside, which has signalled its interest in buying high-quality assets.
Oil Search's share in the PNG LNG project, which started producing gas last year, is generating a lot of cash for the company and drove it to a first-half net profit of $US227.5 million ($324.2 million).
UNDEVELOPED POTENTIAL
Its stake in an expansion of that gas development and a separate opportunity, Papua LNG, is among the top three undeveloped conventional LNG projects in the world, UBS said, meaning a higher valuation was warranted than Woodside's offer.
"We don't see Oil Search accepting an offer at this level, given the quality of its growth portfolio and value potential," said UBS analyst Nik Burns.
Oil Search and Woodside have each lost nearly a third of their value over the last 12 months because Brent crude oil prices, a benchmark for the LNG prices where the companies generate the majority of their revenue, fell to US$49 a barrel from $US105 a barrel a year ago.
The value of those PNG assets means Woodside would need to lob an offer closer to $10 a share, according to Credit Suisse, which questioned why Oil Search did not immediately oppose the bid given it was only 13.5 per cent above Monday's closing price.
"A deal only makes sense at the right price and given Woodside's low cost of debt, a script offer at this time appears odd," said Credit Suisse analyst Mark Samter.
One of the largest potential obstacles to the deal is the PNG government, which holds a coveted 10 per cent stake in Oil Search; the government has not previously been thought open to the idea of selling. The PNG government paid about $1.2 billion in February 2014 for its stake, which equated to 149 million shares at a price of $8.20 a share.
It may be reluctant to accept Woodside's implied $7.65-a-share offer given it would represent a loss on its original investment.
"The government is waiting for a full briefing on the offer," a PNG government spokesman said on Tuesday. "The offer will be considered if it is in the national interest."
Woodside has a market capitalisation of $25 billion compared with $10 billion for Oil Search.
Woodside reported a 39 per cent drop in first-half profits, mostly because of the collapse in oil and liquefied natural gas prices, although its strong debt position means it remains well placed for potential deals in the sector.
LEADERS MEET IN PORT MORESBY
Prime Minister Tony Abbott is expected to meet PNG Prime Minister Peter O'Neill in the next few days as part of the Asia Pacific Summit in Port Moresby although there was no confirmation on Tuesday if the takeover offer would be discussed as part of formal talks.
Oil Search shares surged 17.4 per cent, or $1.17, to $7.90 on Tuesday while Woodside fell 3 per cent, or 92¢, to $29.66.
Woodside's move, which if it were to proceed would be the third largest energy deal in the Asia Pacific region, also sparked an investor frenzy in the broader energy sector.
Shares in embattled energy producer Santos, which is also seen as a takeover target, rose nearly 12 per cent in early trade before closing 5.25 per cent higher while Origin Energy lifted 3.2 per cent higher.
Oil Search has previously said it would be open to buying Santos' stake in the PNG LNG project.
In its formal statement, Oil Search said while it will consider the deal, it notes its shareholders are entitled to an offer that "adequately reflects" the company's value. The tone of its statement suggests Oil Search may be unimpressed with the 13 per cent premium offered within the proposal.
When Shell acquired BG for US$70 billion earlier this year it offered a 50 per cent premium.
However, Woodside may pitch the deal on the basis that part of the premium is already baked into Oil Search's share price.
The company will look to argue it is a 23 per cent premium based on the three-month volume weighted average price leading up to the close on August 27 before Street Talk revealed the deal. The potential deal also heralds a major change of heart by Mr Chaney, who has historically been extremely wary of investment in the PNG region because of sovereign risk issues.
At Woodside's full-year results last month, chief executive Peter Coleman said he would not spend "precious cash" on the lower-quality assets currently for sale, but will instead would wait until companies under financial pressure from low prices were forced to put their "crown jewels" on the market.
Woodside is being advised by Merrill Lynch, Gresham and legal firm Herbert Smith Freehills while Oil Search has appointed Morgan Stanley and Allens as legal adviser.
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