https://www.bloomberg.com/news/newsletters/2023-04-13/conocophillips-ceo-flips-the-script-on-us-shale-industry
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Lance secured perhaps the US oil deal of the decade by picking up industry pioneer Concho Resources Inc. for $13 billion in the depths of the pandemic.
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COPer here. We took a well timed swing with Concho and it’s about time we timed a sizable deal right. Coupled with the more recent acquisition of Shell’s Permian assets, the Permian has been great for us and has given us new life in the L48.
Could a Pioneer acquisition be your XTO part deux?
My concern is y’all buying Pioneer and the result being laying off more staff, presumably Pioneer folks, and then not running the assets any better. A lot of noise and change for not much incremental benefit.
They pickup Concho during the depth of the down cycle. We are talking to Pioneer at top of the cycle. 🤣