Chinese Company Searching for Billion-Dollar Oil Deals in Texas

  • Xinchao seeking assets where it will dictate drilling schedule
  • U.S. unit Blue Whale looks for opportunities in the Permian

China’s Yantai Xinchao Industry Co. is pursuing U.S. oil acquisitions worth as much as $1 billion in the Permian Basin, and it won’t be satisfied letting others run the show, according to the head of the company’s U.S. subsidiary.

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