Assume the spin is that COP didn't want to overpay, rather than simply lost it.
Ramifications to business?
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Diamondback's completion costs are also 25% cheaper on a completions per foot basis!
Why would anyone assume the Diamondback/Endeavor combo is off the market? The $60 billion price tag is near the same market cap of Pioneer. I’m sure another XOM sized company will scoop it up as well. After the dust settles, we will be left with 3 or 4 operators in the Permian.
COP didnt think Diamondback staff would believe in our SPIRIT "values."
Ramifications: time to FOMO our way towards another cash burn
Just like with Anadarko.
Day late and a dollar short.
Ramifications: can’t claim growth without acquiring companies that can actually find resources. Either another target is acquired, or “right sizing” will proceed as usual.
Oh they wanted it, and missed out big time.