Statoil Keeps Its Head Above Water During European Crisis
Statoil worked really hard over the past year. Espeically despite the fact that the European markets have been a mess over the last year. 2011 may have been a tough year for Statoil, but they seemed to have some out on top. Dan Caplinger explains how STO did over the 2011 year.
"How did Statoil advance this year?
Statoil isn’t the best known Big Oil company, but it’s an important player in the world oil market. The Norwegian company is strategically placed near the North Sea’s energy reserves, in which the company recently announced a huge new find.
Acquisitions have increasingly played a big role in gaining exposure to promising new exploration and development areas. Statoil acquired Brigham Exploration earlier this year to get into the lucrative Bakken shale play, while Marathon Oil (NYSE: MRO ) spent a whopping $3.5 billion to pick up significant assets in the Eagle Ford. Statoil’s move follows previous buys of U.S. shale plays, including Marcellus acreage from Chesapeake Energy(NYSE: CHK ) and Eagle Ford exposure from SM Energy (NYSE: SM ) ."
Read the entire article here: http://turnkeyoil.com/2012/01/03/statoil-kept-its-head-above-water-during-european-crisis/