Oil Mergers Hindered by Heavy Debt, Occidental Boss Says

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  • By one measure, drillers most indebted since at least 2001
  • M&A climate ``very sticky'' for potential suitors: Chazen

Oil and natural gas drillers are reluctant to acquire rivals pummeled by the worst market collapse since the 1980s because of huge debt burdens that would become payable upon takeover, said Occidental Petroleum Corp. Chief Executive Officer Stephen Chazen.

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