They spun off MMR 18 yrs ago! MMR was a $20+ stock about 18 mos ago...PXP was a $47 stock earlier this year.....FCX did not that much for them! FCX already owned 5% of MMR.....PXP owned 31% of MMR....think about it! If Davey Jones comes though....WOW what a deal! The knock on MMR was they were not the best drillers around....guess what?...PXP is one of the best drillers around! Look at the synergys....1 CEO..overhead can be cut tremendously...put PXP is charge of drilling. PXP stole a lot of BP's wells at barn burning prices great assets! Copper isn't exactly busting wide open...oil is a better play right than copper is! MMR and PXP had debt...NO MORE...start Rockin 'n Rolling! Give it time guys! THIS WILL BE YOUR BEST BUYING OPPORTUNITY....THAT'S A FACT!!!!
I think your right. Chevron is partnered with MMR on many of the offshore blocks that MMR owns and they aren't know for throwing exploration money away. If the sub salt theory is proven then $15 is going to look like the steal of the century. PXP's assets in the Haynesville and Eagleford aren't chopped liver What both companies lacked was the funds to develop. Now they have the money to do so.
I disagree, copper is at a bottom and is a great play whereas oil will continue to go down as the US and Canada expand their oil production. I liked FCX as a great copper play and am disappointed in this buyout. Now I am switching to TCK for my copper - zinc- met coal play against China's industrial production picking up.