When commodity prices fall off as they have the last eight months, companies begin to high-grade their portfolios or seek a way to lower costs. In the high-grading exercise, they are either wanting to dispose of assets that will not compete for capital in the environment they see for the next few years or want to acquire assets that help round out their acreage portfolio with the same mindset.
Sometimes they are selling with one hand and buying with the other. “Horse-trading,” or high-grading, is as old as the oilfield. There…Commodities And Consolidation: Earthstone’s Bold Asset Swap Strategy
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