BP rivals run the numbers on a takeover of the struggling oil major

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Financial Times 22h ago

BP rivals run the numbers on a takeover of the struggling oil major - Financial Times

Quick Summary:

Exxon’s chief executive Darren Wood told analysts last week that he was on the “constant lookout” for opportunities, especially as low oil prices left some companies with weaker foundations vulnerable.

Chief financial officer Sinead Gorman told analysts last week that it was flush with “more than $35bn” of cash and “incredibly well-positioned” to strike deals.

Yet there could be political challenges to a transatlantic tie-up, according to Dan Pickering, chief investment officer at Pickering Energy Partners in Houston.“I would put the odds that Exxon and Chevron would make a run [for BP] at pretty low,” he said.