US Oil Giants Chevron and Shell Discussed Merger, As S&P Warns of Industry Downgrades

US Oil Giants Chevron and Shell Discussed Merger, As S&P Warns of Industry Downgrades

The Wall Street Journal reported on Sunday (paywall) that Chevron and ExxonMobil, the two “descendants” of Standard Oil, held preliminary merger talks early in 2020.  Apparently, the discussions did not continue past their initial phase, but they were serious enough that some of the possible terms were put in writing.

Why This Matters:  The handwriting is on the wall, and it is not hard to read.

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