While the expected surge in M&A activity among oil companies has not yet materialized, sources said that .when it does, the deals are likely to be driven by larger companies—with cash on hand but high production costs—-picking up smaller companies that have low operating costs but hampered by debt. According to Goldman Sachs, companies such as EP Energy, Halcon Energy, and Continental Resources have the profiles of-likely targets, as do—according to other sources—Tullow Oil and Lundin. ExxonMobil, BP, Eni, Occidental Petroleum, PettoChina, and Gazprom were listed as likely buyers, all companies that need to bring down their production costs but with the cash to absorb the debt of a struggling smaller company.
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