U.S. Industry Scoreboard 1/18[44,177 bytes]
Mergers continue to mount, with four new combines in the works.
Santa Fe Energy Resources and Snyder Oil signed a definitive merger agreement. The deal will give Snyder shareholders 2.05 shares of Santa Fe common stock for each Snyder share. The new firm, Santa Fe Snyder Corp., will have a market capitalization of more than $1 billion. It will be based in Houston and owned 60% by former Santa Fe shareholders.
Snyder Chairman John C. Snyder said, "We intend to take advantage of the current conditions in the energy industry to opportunistically pursue acquisitions of high-quality assets worldwide."