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Moody’s lowered its credit rating for Williams Companies and reduced its ratings outlook for Energy Transfer Equity.
Oil field services giant Halliburton has resubmitted a filing to antitrust regulators in the European Union as it presses forward with plans for a $35 billion deal to acquire rival Baker Hughes.
As the hedges roll off, credit tightens and the realization that high prices are far off settles in, many companies will need to offer assets for sale and stronger ones will find good deals.
During the second quarter, analysts at PwC tracked 47, $50 million-or-larger oil and gas deals, totaling $38.8 billion.
The Williams Cos. said Wednesday it wouldn’t hold a shareholder vote on its proposed $13.8 billion consolidation until after the company finishes evaluating a potential sale.
With oil prices struggling to rebound to 2014’s highs of $100 per barrel, more exploration and production companies will be on the prowl for deals to fuse together or gobble up competitors, Moody’s said.
BP CEO Bob Dudley says he doubts there will be a surge of corporate consolidation in the energy industry – effectively a repeat of the mega deals in late-1990s bust that created mammoth oil firms – unless oil prices stay low for long.
Oil prices may rebound, but volatility is here to stay, ConocoPhillips CEO Ryan Lance predicted Monday.
Shell, employing about 2,400 across the North Sea, targets $2.5 billion of pretax “synergies” a year across the globe from the deal, including staff cuts.
The CEO of Baker Hughes had met with a global conglomerate in Europe just weeks before his company struck a $35 billion deal to sell itself to Halliburton, new corporate disclosures show.