With the fossil sector ravaged by low oil prices and buyouts or reorganizations on the horizon, one midwestern U.S utility executive says he won’t be tempted to acquire a distressed oil and gas company, no matter how low the asking price.
On CNBC’s Mad Money program, host Jim Cramer asked Nick Akins, CEO of American Electric Power, whether he would buy an oil and gas producer.
“No,” he laughed, adding that AEP is focused “on being a premium regulated utility.”
AEP’s sales to the oil and gas industrial sector have grown by double-digit percentages in all but one quarter since the fall of 2014, Columbus Business First reports. (h/t to Midwest Energy News for pointing us to this story)