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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.
Data shows that the 20 biggest oil and gas deals of the last century have all been announced since 1998.
A decline in oil prices may offer up discounts for key acquisitions in Colorado and elsewhere, Anadarko CEO Al Walker said.
Investors led by Australia’s Macquarie Group Ltd. agreed to buy Louisiana utility Cleco Corp. for $3.4 billion in cash, attracted by the steady, long-term returns of regulated power assets.
With oil prices at their lowest point in years, the rate of mergers and acquisitions is slowing and oil firms are pulling back on international investments.
Pipeline operator Targa Resources says it will evaluate possible deals after a proposed merger fell through earlier this year, but officials wouldn’t say if it’s in active merger talks.
U.S. oil and gas deals jumped nearly 40 percent in combined value in the second quarter as a foreign buyers and private equity firms returned to the sales block to snap up oil-soaked shale.