international magazine
12 / 2005


The passing year was rich in mergers and acquisitions the majors and industry heavyweights relentlessly juggled assets, acquiring small-time competitors and large market players alike. The difference in approach was evident even to amateurs: some companies were sweeping up the offers (thus, few auctions happened without China's companies on the list of potential investors), while others proved to be more selective picking up assets very carefully and playing safe, with no peddling about. ConocoPhillips is in second group small number of quite attractive assets acquired in 2005 enabled the company to improve production performance and reserves, while boosting capitalisation to $135bn (same as Chevron, the biggest US oil&gas company).