ConocoPhillips to Acquire Burlington Resources

Tuesday, December 13, 2005
Already one of the most aggressive spenders on future supplies, ConocoPhillips CEO James J. Mulva is now poised to make another huge deal: a $30-billion plus acquisition of Burlington Resources (BR), according to a Business Week report. Buying BR would be a giant bet on a red-hot U.S. natural gas market. While Burlington has international operations in Algeria, China, and Latin America, 84% of its reserves are in North America. With U.S. gas prices at record highs, ConocoPhillips is betting that supplies will remain tight for many years, according to the report. The move by ConocoPhillips would round out its expansion strategy. The company recently added capital spending to boost output at its U.S. refineries but has also been making giant international investments in Russia's Lukoil and production projects in Venezuela and Australia. Source: Business Week

Navy

This Day In Naval History: August 30

1923 - USS Colorado (BB 45) is commissioned. Notable during her pre-World War II service, she helps in the search for missing aviator, Amelia Earhart, in 1937. During WWII,

This Day In Naval History: August 29

1861 - During the Civil War, Seaman Benjamin Swearer lands with troops from the steam sloop of war, Pawnee, and takes part in the capture of Fort Clark, at Hatteras Inlet, N.

USS Freedom Suffers Casualty

The U.S. Navy's first littoral combat ship USS Freedom (LCS 1) experienced a casualty to one of its main propulsion diesel engines (MPDE) on July 11 reportedly

 
 
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