So it looks like they missed it. I am talking about the majors taking advantage of the hobbled oil companies that are now springing back to life here at $50, companies like Apache (APA), Anadarko (APC) or even Cimarex (XEC) and Pioneer (PXD).
None of the good ones were "for sale" per se, but I believe they could have been bought, and the window now seems very closed. The equity's been raised, the new life given and the price of oil high enough to sustain the life of all the major independents.
There are two classes of oil and gas companies in this country:
1. The ones that bought so-so properties at the high
2. The ones that have fabulous properties worldwide and could have been snapped up for well below their current prices.
What was the reluctance? I think the huge international companies were concerned more about their own staying power, than about opportunity. They were more concerned about preserving capital than seizing opportunity.
It's a shame. There were some terrific bargains, particularly among the entrenched Permian companies, where the oil was easily drilled and the distributed.
Just a major faux pas.