BP Energy Partners said June 29 it is merging Dallas, TX-based Blue Roads Solutions, and Conroe, TX-based Thigpen Solutions, creating an innovative, full-service, leading player in the virtual pipeline industry.
Occidental Petroleum has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices.
Before the coronavirus pandemic and the oil price war, public investors had already thrown down the gauntlet to E&Ps. Companies, arguably, were learning to adapt, and they must keep doing so to access public capital in the new environment.
The crash in oil prices forced a renegotiation of a previous combination that was expected to form the largest pure-play northern Midland Basin E&P.
Increasingly, E&P mergers are drawing shareholder pushback—unless for a low or no premium.
Once some stability is added to the market, E&Ps with capital and the appetite for deals should see opportunities materialize, a recent Enverus report says.