Oil, Acquisition | featured news

General Electric Co is buying oilfield pump maker Lufkin Industries Inc for $2.98 billion, sharply increasing its presence in the fast-growing market to extract oil and natural gas from shale rock, the conglomerate said on Monday.

Mining company Freeport-McMoRan is buying a pair of oil and gas producers for $9 billion, creating a natural resources conglomerate with assets ranging from oil rigs in the Gulf of Mexico to a huge copper mine in Indonesia....

China's top offshore oil producer CNOOC Ltd has entered into an agreement to buy Canada's Nexen Inc for about $15.1 billion, the Chinese company said on Monday.

Shares in oil major BP hit a six-month high on Tuesday after The Daily Mail newspaper reported rival Royal Dutch Shell had considered a takeover bid during the Gulf of Mexico oil spill.

Schlumberger Ltd., the world's biggest oilfield services company, has agreed to purchase fellow industry player Smith International Inc. for about $11 billion in stock in a move to diversify its product offerings and better compete with rival Halliburton Co.

Exxon’s purchase of XTO, which has expertise in the growing area of shale gas, is one of the biggest energy deals in years.