You’re not going to be able to bottom feed on these two companies. Could have had Anadarko for a “song” but Chevron gagged. Don’t look for Chevron to ante up for either of these companies.
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I think Concho is the more likely choice, or perhaps Diamondback. Personally I would prefer to see Pioneer or Apache get picked up, but I think both will be avoided for various reasons. Although it depends on how much they care about Permian in relation to international assets, because if they really want to pick up international then maybe they would choose Apache, which is very cheap at the moment for how much they have in Egypt and North Sea.
OXY screwed it up for potential buyers by way overpaying for Anadarko. Now everyone else will expect the same or higher valuation going forward.
No one wants pioneer
That’s the question isn’t it. All that cash readied to place a buy must be burning a hole. Smells like a buying opportunity.