M&A Corner: Exxon's XTO Deal Launches Energy's Next Mega-Trend

The U.S. oil industry has experienced a variety of mega-trends over the past century and a half: The massive consolidation of John D. Rockefeller's Standard Oil in the 1870s and 1880s; the era of diversification deals in the 1960s and 1970s; the period of hostile takeovers in the 1980s; and the era of large mergers in the late 1990s.
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