Expand drilling? Wipe away debt? Take shares out of the market?
There have been nearly $60 billion in equity and debt offerings from the industry in 2017, and more than $105 billion in M&A deals. This means companies have received $160 billion in capital above and beyond the cash being generated by their operations.

For all these reasons, oil and gas companies sometimes find themselves in the position of holding or generating a significant amount of cash that needs a productive home. For example, Anadarko (ticker: APC) received $2.3 bi...

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