Major Oil Cos Eye Chance with Nationals

Low energy prices are making some oil companies ripe for the picking by bigger rivals, but the large international oil companies are signaling they would rather knock on the door of state firms weakened by the oil bust.

Chief executives of Exxon Mobil Corp., Chevron Corp. and BP PLC have recently played down the idea of corporate mergers and said they might do better by partnering with state-owned companies struggling to meet capital needs.


While such efforts have been rebuffed in the past due to a surge of nationalism fueled by high commodity prices, the drastic drop in oil prices may force some national oil companies to reconsider.

“Given the need these countries have for investment, the need they have for technology, the need they have to keep their economy going, this is the time they need companies like ours more than ever,” Chevron Chief Executive David O’Reilly said at the company’s recent analyst meeting.

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