Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Tuesday, August 01, 2006
Exxon/Qatar announce Sabine LNG Facility
Exxon (NYSE:XOM) issues a press release early this morning announcing procurement details for a LNG facility in Sabine Texas. The press release ambiguously suggests that the 70% majority controlling shareholder will be an undisclosed affiliate of Qatar Petroleum. This is because the LNG will come from Qatar. Exxon and ConocoPhillips (NYSE:COP) will hold the remaining crumbs. Strangely ConocoPhillips did not issue an announcement at the same time. Given the recent controversy surrounding foreign (Arab) control of American Harbors and Seaports the Qatar involvement is surprising. Why can foreign interests control Sabine and not other ports?