U.S. oil, gas asset sales hit record in 1998

Total U.S. oil and gas property sales reached a record $82.1 billion in 1998, according to a review of acquisition and divestment (A&D) transactions by Randall & Dewey Inc., Houston (see chart, top left on p. 25). The yearend total is more than triple the $23.9 billion in property sales calculated for 1997 (OGJ, Apr. 20, 1998, p. 41). The amount also surpasses any previous year's total since Randall & Dewey began tracking such sales transactions beginning in 1989. Randall & Dewey notes that multibillion-dollar deals captured the limelight in the 1998 A&D market. These deals included the merger announcements of Exxon Corp. and Mobil Corp., British Petroleum Co. plc and Am...

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