Oil Slump Means Buyers Are More Choosy In Driller Tie-Ups
Law360 (October 23, 2020, 9:31 PM EDT) -- While consolidation is finally ramping up in the struggling U.S. oil industry, the recent string of driller mergers shows that companies carrying too much debt will likely be left behind as buyers snap up companies with cleaner balance sheets.
Back-to-back tie-ups announced this week between ConocoPhillips Co. and Concho Resources and Pioneer Natural Resources and Parsley Energy mark four multibillion-dollar oil and gas producer mergers since July. And all four deals share similar DNA: all-stock transactions between companies with relatively valuable drilling assets and manageable debt loads.
Meanwhile, drillers with larger debt piles and less valuable assets are hitting the bankruptcy...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!