In an unexpected role reversal, in September EOG Resources Inc.—known for its organic growth model—announced it would pay $2.5 billion for a private company with a massive footprint in various basins, and Apache Corp.— known as a serial acquirer—announced the discovery of a major play in the Permian when just about everyone thought onshore exploration was dead. Both are examples of seasoned E&P companies seizing unique opportunities to expand during the downcycle and position for future growth.
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