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Chairman of Cross Timbers Oil Expects Buying Opportunities from Mergers.
Knight Ridder/Tribune Business News, May, 1999 by Piller, Dan
Knight Ridder/Tribune Business News
May 19 -- FORT WORTH, Texas -- Cross Timbers Oil Co. Chairman Bob R. Simpson told shareholders yesterday that the consolidation of the energy industry will generate opportunities for companies like his to buy producing properties.
"This may be a once in a lifetime opportunity," Simpson said. "I really don't expect this kind of thing to happen again in my lifetime."
Simpson was referring to a number of high-profile mergers of energy companies, led by the $90 billion merger of Exxon and Mobil corporations expected to be completed this year.
"They always want to save money and generate cash quickly, so the best way to do it is to sell some properties that are still very good, but just not big enough...
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