The oil industry has been a hotbed of merger and acquisitions-M&A, activity over the last couple of years. I discussed this frenzy in an OilPrice article last fall as oil giants jockeyed for prime positions in U.S. shale plays to ensure their long-term survival.
That's almost $84K per flowing barrel There are other ways of looking at that deal, and I was and am supportive of it. But, that's a lot of money on a unit basis By comparison, the company just sanctioned the Whiptail subsea development, offshore Guyana for $12.7 bn. With 250k BOEPD expected daily output, that's a less heart-stopping $50K per flowing barrel. Other major oil companies are worse. Javier Blas, an opinion columnist for Bloomberg just wrote a fairly scathing rebuke of BP.
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