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#EFT Haynesville M&A Outlook Thread 
: Given that $BP has been quietly looking to sell all BPX assets for yrs, and $XOM is stopping dry gas dev - what happens to alllll that Haynesville acreage? 1/6
: Given that $BP has been quietly looking to sell all BPX assets for yrs, and $XOM is stopping dry gas dev - what happens to alllll that Haynesville acreage? 1/6
Quick context: Roughly 200k+ net acres for BP, at least 500k for XTO. Well level BEs solidly below $2.50 for good ops at present. Serious opportunity for someone, but who? 2/6
Neither would take equity, and with mostly private players it’s a moot point. So who has the cash/inclination? $CRK is already levered, but might Jerry pay cash? Hard to say whether the mostly PE and foreign$ backed privates could find the capital for a deal that size. 3/6
From left field: $COG tries to pull a $RRC and enter HV to address inventory issues and App transpo constraints. Probably not, a cash deal of that size would damage their unusually and admirably solid balance sheet. 4/6
$CHKQ obv looking to focus on HV post-RX (see recent Williams resolution), but almost certainly incapable of finding the capital short of getting an crazy good deal with some their divestitures. 5/6
Curious to hear you guys’ thoughts, especially those of you plugged into the PE side who can shed light on capacity/willingness of privates to step up to the plate here. Any other possibilities you folks see? 6/6
