U.S. petroleum industry acquisition activity on track for record year

ACQUISITION ACTIVITY IN THE U.S. oil industry appears poised to set records this year, based on early third quarter statistics. A summary of upstream acquisition and divestiture (A&D) activity by Randall & Dewey Inc., Houston, reveals that, following second quarter activity that was slower than in 1997, recently announced deals such as the enormous BP-Amoco alliance virtually assure that 1998 will set a record for transaction volume, "perhaps a headline-grabbing double the $23 billion recorded for 1997," said the firm. But low oil prices are reducing the average value of the reserves being acquired. According to a report by Cornerstone Ventures LP, Houston, despite fast-paced transa...

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