Energy M&A, who's getting who?

I don't know if xom will ever forgive themselves for the crosstimbers deal

XTO - Cross timbers

XOM generally keeps a larger reserve than they currently have on hand so that $320 number isn't out of the ordinary.

I remember when they bought XTO but didn't read much into it, was younger. They overpaid?

The targets will be companies who have proven reserves that cannot be produced profitably at current market prices, and suffer from negative cash flows. There are likely many publicly traded partnerships that will be gobbled up on the cheap that won't require as much due diligence and/or regulatory review that will be the first targets.

This is just my guess as an industry outsider with some experience analyzing PTP investments for clients. Many of the ones I've seen are very thinly capitalized and operate on very thin margins.

I'm surprised there hasn't been talk about CHK being bought out yet. They pretty much fit all the criteria and still have nice assets to pick from even with recent sell offs.