The prospect of Exxon Mobil (XOM.N) or Chevron (CVX.N) buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said.
BP shares fell on news of Chevron-Hess dealbuying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said.Investors punished the European companies for their pivot towards renewables and low carbon energy while rewarding the U.S. companies' focus on oil and gas production that drove record profits last year.
Rather than taking the risk of investing in exploration and development, Exxon and Chevron have bought companies to increase production and focused on financial discipline and rewarding shareholders.in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.A senior industry source close to the issue, as well as analysts and investors dismissed any imminent U.S. purchase of European rivals.
BP's market capitalisation was around $113 billion on Monday, while Shell's stood at $220 billion. Chevron's market capitalisation was $318 billion, and Exxon's was $440 billion.
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