After the huge gains in energy stocks this year, people may be taking some money off the table just to be careful. People may also be selling some shares in anticipation of the usual, seasonal decline early in the year for energy.

Greg Eckel

Energy Money People

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People want producing assets to take advantage of the high commodity prices. You may be seeing a bit of a preview of next year, when metals might outshine energy stocks.

There was so much negativity about such a big acquisition that even a slow progression is fine. People were afraid of the size of the deal. It's a name that will provide some growth for us.

I sense management has been put on a time line. People are looking for an event to surface value.

ManagementPeopleTime

I don't see the incentive to tender our shares. We expect more, and hopefully we'll see more. There may be some players we're not aware of yet.

ExpectHopefullyIncentive

There was no robust auction that I could see. It's been a bizarre process . . . For all the effort and bravado, it's amusing.