Today's Stock of the Day is Cnooc Ltd. (CEO).
Cnooc Expands Global Resources with Latest Acquisition
The world's dependence on the precious commodity known as crude oil has made a lot of companies very successful. With each passing year, countries across the world require more of the precious commodity to function on a day-to-day basis. Even with the advancement of alternative energy sources, demand for the product is still growing at a record pace. Oil prices are similar to a rollercoaster ride; one minute they are climbing to a peak and then in a flash they may spiral downward. Nonetheless, the oil business can definitely be a lucrative one if a company plays its cards right. China's biggest offshore oil explorer, Cnooc Ltd, must be well aware of this fact. The company has decided to purchase Argentina's Bridas Group from Carlos Bulgheroni for more than $3 billion. Why has the company decided to invest such a hefty sum in the acquisition during a time when the oil market is so volatile? Do the pros of the deal outweigh the cons?Read more

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