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The next wave of M&A activity: North American shale gas
The shale-gas revolution that started with the drillers is entering the boardrooms. Expect the North American natural gas scene to look very different in coming years, writes Derek Brower
EXXONMOBIL, admits one of its spokesmen, is a company of few words. He might have added few risks. It is an approach that allows it consistently to outperform its rivals. But when ExxonMobil comes to the table, it plays big. The acquisition of XTO Energy for $41bn in December will not make anyone's list for deal of the century, as Exxon's take-over of Mobil in the late 1990s did. But the news landed with an emphatic thump on the North American energy industry, and heralds what may be a new wave of consolidation among the continent's independent oil and gas sector. The majors have been sluggish participants in what BP boss Tony Hayward calls the shale-gas "revolution" (PE 11/09 p22), but that is changing. Having ...Click here to continue reading The next wave of M&A activity: North American shale gas
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