In a move that combines two leading California oil operators and achieves significant operational synergies, costs savings and cash flow benefits, Plains Exploration & Production Co. (PXP) announced that it is buying Nuevo Energy Co. in a stock-for-stock transaction valued at $945 million, including debt assumption, or about $28.05 per Nuevo share ($4.54/boe).
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Plains Buying Nuevo in $945M Stock-for-Stock Deal
In move that combines two leading California oil operators and achieves significant operational synergies, costs savings and cash flow benefits, Plains Exploration & Production Co. (PXP) announced that it is buying Nuevo Energy Co. in a stock-for-stock transaction valued at $945 million, including debt assumption, or about $28.05 per Nuevo share and $4.54/boe.
February 13, 2004
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