Any merger of equals would not result in a 30%+ pop in the stock. For such to happen, they need a buyout offer from a much larger company, a complete takeover, not a merger of equals. The only possibility of such an action now would come from CVX, BP, XOM or RD IMO and all are highly unlikely. More likely would be an MRO buy of another company, one with assets in the GOM and gas. The two names that come to mind are KMG and AHC. In either case, MRO stock would not jump but would probably fall 5 or more percent.