- More boardroom shakeups likely will force further restructuring and asset sales in the energy sector during the next year, and activist investors will be drawn to energy companies as long as oil and gas prices remain stable, according to bankers at a Bloomberg oil and gas conference.
- Devon Energy (DVN), Freeport McMoRan (FCX) and WPX Energy (WPX) are mentioned as potential targets for activists who see a chance to speed up efforts to boost shares, buy undervalued reserves and win shareholder support for management and governance changes.
- Targets may include companies where charismatic leaders or founding families are ignoring shareholders; even today, Occidental Petroleum (OXY) announced changes largely the result of shareholders ousting its longtime chairman.
Bloomberg: Activism to spur more dealmaking, shakeups in oil patch
Oct 18 2013, 17:25 ET