Exco to Buy Chesapeake Oil and Gas Assets for $1 Billion
And the best part is this quote from the CEO, "“Our emphasis is going to be on acquisitions,” Miller said on a May 1 conference call with analysts. “Our defensive days are over.”
Because Chesapeake did not play the downturn in NG defensively, they have faced and will continue to face liquidity issues. I believe that XCO will get the better of this deal because of this. The CEO is stating that the time is NOW, and since XCO has been in a defensive position, they are in a position to take advantage of other not so smart players.
Agree 100%. Billionaires are so not because they're stupid. A great move today. Natural gas WILL play a major roll in the near future with our energy demands in the USA. CNG in cars outfitted on assembly lines is forthcoming by our "Big 3." Guaranteed. All at the bequest of our Pres..These talks have been ongoing for a few months now. Natural gas will rise in price big time in the next 24 months.