Posted on 14/12/05
Conoco pays top dollar to be energy's top dog
CALGARY -- ConocoPhillips Co. is betting $34.4-billion (U.S.) that natural gas prices will remain high for much of this decade, gambling that it will be able to rapidly pay down billions in debt it will incur by acquiring Burlington Resources Inc. The massive acquisition deal announced yesterday -- criticized by some analysts as buying at the top of the market -- is the biggest vote of confidence yet that the current bout of buoyant energy prices will continue for years to come.
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