A report by Bloomberg News shows how billionaire investors are circling distressed oil and gas firms like crows over road kill, waiting to pick up assets at cheap levels.
Even corporate officers of some suffering firms, like Oklahoma City’s Chesapeake Energy are taking advantage to purchase more shares. Chesapeake’s Senior Vice President and Chief Accounting Officer William M. Buergler acquired 70,681 shares this week. The purchase price was 71 cents for each. Buergler already has 408,221 shares in ownership and Chesapeake stock slipped below a dollar a share last week, giving Buergler the opportunity for his acquisition.
The move was made as Chesapeake stock plunged to its lowest level in more than 20 years.
But others are swooping in with far more serious desires. It’s not a matter of acquiring stock of suffering energy firms but rather a move by some wealthy investors to acquire the companies.
Bloomberg reported Sam Zell teamed up with Tom Barrack Jr. to buy oil assets in Texas, Colorado and California.
Click here to read the full story from Bloomberg News.