Mega transatlantic oil mergers less likely after Exxon, Chevron deals

Rather than taking the risk of investing in exploration and development, Exxon and Chevron have bought companies to increase production and focused on financial discipline and rewarding shareholders. — Reuters

THE prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading US oil companies announced major acquisitions focused on the Americas this month, investors say.

Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their US rivals.