Transocean’s Biggest Investor Dumps Stock After Blast

[florida08]

Source: Bloomberg

May 12 (Bloomberg) -- Transocean Ltd.’s largest investor at the end of 2009, Marsico Capital Management LLC, liquidated its entire holding in the world’s biggest oil driller partly because of a fatal rig blast that triggered a Gulf of Mexico spill.

Marsico began selling some of its 20.96 million shares earlier this year as a glut of North American natural gas diminished demand for rigs built to extract the fuel from shallow coastal waters, Chief Executive Officer Thomas F. Marsico said in a Bloomberg Television interview. He also cited concerns that Brazilian government delays in opening offshore prospects to explorers would pressure rates paid to rent rigs...

Rents May Plunge

Marsico, 54, said lease rates paid by oil companies to drill wells thousands of feet beneath the sea surface may plunge to $350,000 a day from about $500,000 now if U.S. regulators impose a moratorium on new drilling in response to the disaster.

ruh roh..last part sounds like a threat

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=awGGPvUe8CFM

[dixiegrrrrl]

1. All involved parties have lower stock prices.

I have been watching their prices for the last 2 weeks.

BP:.....52wk Range: 44.62 - 62.38. now moving around 48.00 today

Transocean.........52wk Range: 64.86 - 94.88, now moving around 67 today.

Haliburton..........52wk Range: 18.11 - 35.22, now moving around 29.90 today


and
Goldman Sachs.....52wk Range: 128.06 - 193.60, now moving around 145.00 today.

[florida08]

2. hi dixie

guess that means gas is about to take a dramatic rise

[florida08]

3. or maybe not

NEW YORK (Dow Jones)--Crude futures traded slightly higher Wednesday as a government report showed an unexpected drop in U.S. gasoline supplies, but big gains in oil inventories.

Light, sweet crude for June delivery recently traded 21 cents, or 0.3%, higher at $76.58 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 89 cents, or 1.1%, higher at $81.38 a barrel.

The U.S. Energy Information Administration reported a 2.8-million-barrel decline in gasoline stockpiles in the week ended May 7, where analysts surveyed by Dow Jones had given an average forecast for an increase of 500,000 barrels.

U.S. summer gasoline demand is usually a major support for oil prices, but refiners have sharply increased fuel production in recent weeks, raising concerns that surplus fuel supplies could send prices spiraling lower...

Oil inventories rose by 800,000 barrels to a record 37 million barrels at Cushing, Okla., the delivery point for the Nymex futures contract. The front-month contract's value has plunged as the Cushing surplus has swelled, with June futures recently trading at a $4.03 discount to July. The gap between the front two months hasn't been this wide since February 2009.


http://online.wsj.com/article/BT-CO-20100512-712340.html?mod=WSJ_latestheadlines