A new year brings dreams of lucrative M&A activity, and no more so than in Big Oil, where some see an appetite for the sort of megadeals last seen a decade ago. But not long ago, investors were demanding oil majors split their upstream and downstream activities; WSJ’s Liam Denning looks at how ConocoPhillips (COP) has handled that move, and finds a company vulnerable to falling energy prices.
A new year brings dreams of lucrative M&A activity, and no more so than in Big Oil, where...
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