Downturn will spur M&A activity as operators cut spending in ’09

01/05/2009
By ULRICH ROTHGERBER
What the oil and gas industry didn’t see much of in 2008 was consolidation. The US economic crisis and falling oil and gas prices will change that in 2009.The multibillion-dollar merger and acquisition (M&A) deals common during the late 1990s and early 2000s—the last major economic slump—became scarcer once oil and gas prices began steadily to climb in 2002.M&A activityMost notable M&A transactions initiated in 2008 in the US involved independents. Among the largest deals: Fort Worth independent XTO Energy Inc. in April snatched up 55,631 net acres of Fayetteville shale leasehold acreage, including producing properties, from Southwestern Energy Co. for $520 million (OGJ ...

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