Hunting for Oil and Gas Reserves in M&A

Sargent, Carolyn
April 2005
Investment Dealers' Digest;4/18/2005, Vol. 71 Issue 15, p13
Trade Publication
The article reports on some of the biggest oil-and-gas deal this year in the United States. The $16.8 billion acquisition of Unocal Corp. by ChevronTexaco Corp. may be the biggest oil-and-gas deal this year, but it surely won't be the last. Given high natural gas and oil prices, which have bolstered cash flows and stock valuations, and the fierce competition to secure reserves, energy bankers expect to see a pickup in corporate mergers and acquisitions this year among exploration and production companies. High-priced stock can make for useful acquisition currency, particularly in a high-price environment, as it helps lower the acquirer's risk of overpaying.


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