07-04-2013, 02:28 AM
I don't think that anyone is saying XOM is necessarily dictating terms, just that their standard docs are what is being used. If you're going to do business with XOM, they put the agreed upon terms into their standard docs, then begins the tedious process of making sure everything is in that doc as agreed by both parties. We know that the major terms were agreed to and the spec sheet was the first step in getting to a final set of agreed-upon deal documents. Don't know what those terms are, but have heard that XOM presented the first set of deal documents on their "standard" docs. Then the legals comb through and look for anything which needs to be changed to get it right.