A PYMNTS Company

Global: Fifteen years since launch of global mega-oil spree

By  |  August 12, 2013

August 11, last Sunday, marked the fifteenth anniversary of the mega-merger between BP and Amoco that launched a new era of major oil buyouts. BP first announced on August 11, 1998 it had entered into an agreement to acquire Amoco for a record $48 billion, launching BP Amoco into the number-three spot in the global oil market. The record sparked a new trend of such transactions, as just one year later Exxon broke BP’s record of the world’s largest industrial merger with Mobile, the $81 billion deal that led to ExxonMobile. And just two years later, Chevron and Texaco merged in a $45 billion deal. According to the Motley Fool, the oil buyout spree – which all began with BP’s deal – turned out about $285 billion worth of acquisitions in the industry for five major market players

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Daily Finance

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.