Burlington Resources to buy Poco Petroleums

08/23/1999
Burlington Resources Inc., Houston, has signed a definitive agreement under which it will acquire all the common shares of Poco Petroleums Ltd., Calgary, for $1.75 billion and assume $0.75 million in Poco debt.The merger will create North America's fourth-largest natural gas producer, and the largest among independent gas producers, say the firms. North America's three largest gas producers are BP Amoco plc, the pending Exxon Corp.-Mobil Corp. combine, and Royal Dutch/Shell.Burlington Resources' and Poco's combined average 1998 production was 2.1 bcfd of gas and 106,000 b/d of oil, and their combined worldwide reserves, as of yearend 1998, totaled 9.9 tcfe, 1.9 tcfe of whi...
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