Statoil on the Prowl

Let the Statoil (STO) speculation begin! This morning, we learned that Statoil is selling $2.65 billion worth of European properties to build a war chest of $7 billion in order to find more oil. So what will Statoil do with the money?

We know that the company is extremely happy with its purchase of Brigham Exploration two years ago for $4.4 billion to get terrific Bakken, North Dakota properties, and it has had a good experience with its joint venture with Chesapeake Energy (CHK) for a slug of Marcellus shale; it paid $3.3 billion five years ago for a 32.5% interest in Chesapeake's acreage in that region....496 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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