ConocoPhillips to Buy Burlington for $35.6 Billion

ConocoPhillips to Buy Burlington for $35.6 Billion (Update2)

Dec. 13 (Bloomberg) -- ConocoPhillips agreed to buy U.S. natural gas producer Burlington Resources Inc. for $35.6 billion in cash and stock in the industry's biggest takeover since 2001.

ConocoPhillips agreed to pay $92 a share, allowing the company to jump to seventh from ninth among publicly traded oil and gas producers. The value, based on ConocoPhillips stock before reports of the deal, is 12 percent higher than Burlington shares yesterday, the companies said in a statement yesterday.

Chairman James Mulva is using acquisitions to catch up with Chevron Corp., the No. 2 U.S. oil company, as oil and gas fields become harder to find and more expensive to tap. Record oil and gas prices have led to $197 billion of acquisitions in the industry this year, double 2004's level.

~snip~
Oil acquisitions this year are the most since 1999, when $202 billion in mergers were announced. The previous biggest oil and gas industry transaction was Chevron's $45.8 billion acquisition of Texaco Inc. in October 2001.

http://quote.bloomberg.com/apps/news?pid=10000103&sid=aQKPm4VfUaFc&refer=news_index

and we need it now.

and we're not supposed to think you have a way to increase prices to make that purchase profitable?

they seem to be profitable no matter what. hugely profitable!

Because of the massive profits made by gouging ordinary citizens at the pumps, ALL the big oil companies are going to go on shopping sprees - they are going to have their fingers around the necks of EVERY major industry and employer by the end of the decade.

In short, we're fucked.

...we are closer to an intermediate top in energy prices. Acquisitions are usually done at the wrong time by those who should know better.

In this regard, they are no different from the average investor.

I used to work for a subsidiary of Phillips 66. I seen up close how this company could control the state of Oklahoma. In yearly meetings their flunkies from corporate HQ, told us how they controlled the state legislature. I am disgusted at how our country is not for the people by the people anymore. I was told the corporation has more rights than a citizen of this country, when suing for illegal termination. I was up shit creek without a paddle.
My country is no more to me. Our country has lost its way.