I didn't have time to respond immediately, but when I did, it appeared the activity was consistent with all the general oil and gas activity this week, and I didn't think the trading activity suggested WLL was in play at this particular time. Both the correspondent and I agreed that WLL is often talked about as a possible takeover candidate.
But it appears I may be wrong, and there may be fire where there is smoke, as they say. From Wall Street Cheat Sheet:
Shares of Whiting Petroleum Corporation took off on chatter that the company will put itself up for sale, along with Thursday’s option action, in which almost 5,400 September $52.50 calls changed hands, which was well above open interest of fewer than 1,900 contracts. Whiting’s potential suitors are reportedly Apache Corporation, Chevron Corporation, Occidental Petroleum Corporation, and Royal Dutch Shell.The MDW alluded to Shell as a possible new Bakken entrant in an earlier post. Hooah!
WLL: market cap -- $6 billion; suitor needs to have $12 billion price tag in mind
Apache: $26 billion market cap; needs to increase oil exposure; only $360 million cash;
Chevron: $230 billion market cap; lots of cash; in best position to do this, but does it need to?
OXY: $75 billion market cap; only $4 billion in cash; operating cash similarly low
RDS: $227 billion market cap; similar cash position to CVX; Shell is ready and game
