Shares of drillers with positions in the Permian Basin are on the rise following the tie-up, the sixth biggest oil and gas deal on record.
Chevron's $33 billion deal to buy Anadarko Petroleum is having a halo effect for U.S. oil drillers, as investors place bets on the next acquisition target in the U.S. shale oil space.
Many of the shale space's biggest gainers since the deal are drillers that focus exclusively on the Permian. "As a consequence, expect focus to be on complementary acreage position, which helps explain the recent performance of the Permian pure-plays following the CVX-APC news — a single basin operator seems a lot simpler to integrate into an existing position," Sankey said in research note Wednesday.
Still, analysts aren't ruling out mergers and acquisitions of large Permian players and more diversified drillers with Permian acreage. According to Sankey, Occidental is the clear loser in the deal, and revelations of its bid amount to a"communications disaster." He believes Occidental could now approach the likes of ConocoPhillips about a merger.
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