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Plenty of analysts are reading Pioneer Natural Resources Co.’s Eagle Ford sale agreement like the terms of a surrender—the A&D equivalent of the Treaty of Versailles.
Oil price volatility has helped cast A&D markets adrift leaving many E&P companies in a “no-wind” scenario.
The middle class of E&P companies is shrinking as consolidators target companies valued between $3- and $10 billion, leaving dozens of lesser-valued companies to sweat as access to public equity markets remains blocked and oil prices recede.