Oil and gas producer Laredo Petroleum (ticker: LPI) announced on Sunday that it was buying the rights to about 20,000 acres in West Texas from Pioneer Natural Resources (PXD) for $230 million. Laredo is paying 70% in cash and 30% in equity. Both Laredo and Pioneer were down about 5% in intraday trading.
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Oil prices dropped early on Monday as the U.S. dollar continues to strengthen ahead of the Fed’s much-anticipated policy meeting this week