Chinese company after billion-dollar Texas oil deals

China’s Yantai Xinchao Industry Co. is pursuing U.S. oil acquisitions worth as much as $1 billion in the southwestern U.S., and it won’t be satisfied letting others run the show, according to Blooomberg. Unlike other Asian companies that bought stakes in U.S. energy prospects in recent years, Xinchao is seeking so-called operated positions, or deals that give it primary authority over all drilling details. Blue Whale Energy North America Corp., the name of Xinchao’s U.S. subsidiary, made two big deals last year: a $315 million acquisition of drilling rights from Juno Energy II in April 2015, and a $1.1 billion transaction in November with Tall City Exploration LLC and Plymouth Petroleum LLC.