In a classic David vs. Goliath struggle, small oil service companies in Louisiana last week won the first two rounds of the court battle over the enforcement of the Obama administration’s six-month moratorium on deepwater drilling in the Gulf of Mexico (GOM). But while the Interior Department may have been defeated, the fight is far from over.
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Barrett Turns Back Shell’s Latest Offer
Denver-based Barrett Resources Corp. again played David to Goliath on Monday, announcing that its board of directors, “based upon opinions that it received from its financial advisers and other factors,” unanimously rejected as inadequate Shell Oil Co.’s $60 per share cash tender offer made last week (see Daily GPI, April 27). The board also recommended that shareholders not tender the Shell offer or grant any written consents that Shell might seek.
May 1, 2001
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