I have not followed either company, but I would think that the crash in the price of oil has had to hurt anybody in the drilling business. When the price goes from $147 to $40 the oil developers are not going to be nearly as interested in drilling for oil. I would imagine that this situation would only make it a worse time to acquire another business in that field.
Oh yeah, times are much tougher. But I don't use 2008 results at all when I look at fuel companies (except to make sure they cashed in on the windfall). Oil prices are at 2004 levels, and 2004 was a pretty good year.