OIL INDUSTRY M&A
For now it is only a distant rumble, but many oil executives and advisers believe they can hear it coming: a gusher of oil deals that is set to erupt next year.
The crude price slump of the 1990s was responsible for a wave of giant mergers that created most of today's leading western oil groups, including ExxonMobil, Chevron, BP and Total, in the form they are in today. If the latest bout of weakness in oil lasts for any significant time, then we can expect a similar reconfiguration of the industry, if perhaps not on quite such a dramatic scale.
Mergers and acquisitions can create scope for rationalisation and…
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BHGE - U.S. Rig Count is down 10 rigs from last week to 1,012, with oil rigs down 8 to 825, gas rigs down 2 to 187, and miscellaneous rigs unchanged at 0. Canada Rig Count unchanged from last week at 66, with oil rigs up 1 to 19 and gas rigs down 1 to 47.