Reported 4 months ago
The oil industry is experiencing significant consolidation, with ConocoPhillips acquiring Marathon Oil in a $17.1 billion all-stock deal and Hess shareholders approving a $53 billion merger with Chevron. Sankey Research's Paul Sankey discusses the efficiencies gained from such mergers and the regulatory scrutiny expected, noting the forecast approval within six months. The forthcoming OPEC meeting is seen as a catalyst for oil price, with expectations of Saudi Arabia extending cuts. Sankey is more optimistic about oil company stock expansion than the commodity itself.
Source: YAHOO