$1 billion breakup fee makes easy payday for Chevron shareholders By Richard Rostad, analyst, Oil & Gas 360 Chevron (ticker: CVX) announced today it will concede to Occidental (ticker: OXY) in the bidding war for Anadarko (ticker: APC). While Chevron could theoretically outbid Oxy in its quest for Anadarko, Chairman and CEO Michael Wirth decided the price of doing so
From Reuters It took Total’s chief executive and a small group of advisers just days to line up the French energy major’s biggest acquisition in almost two decades when it agreed to buy the African assets of U.S. firm Anadarko. Patrick Pouyanne pounced after Occidental Corp trumped Chevron’s $33 billion bid for Anadarko in April with an offer that includes
Offshore Area 1: 75 Tcf await liquefaction, sales The president of Mozambique met with Anadarko CEO Al Walker Tuesday and announced plans for Mozambique LNG to announce the final investment decision (FID) during a celebratory event on June 18, 2019 in Maputo. Anadarko and partners in the project have discovered approximately 75 trillion cubic feet (Tcf) of recoverable natural gas resources in Offshore
From Bloomberg Anadarko Petroleum Corp.’s board has declared Occidental Petroleum Corp.’s sweetened $38 billion takeover “superior,” giving Chevron Corp. until May 10 to either boost its offer or walk away from the oil industry’s biggest deal in at least four years. The announcement by Anadarko, which had rebuffed several prior bids from Occidental, comes almost a month after it agreed
From Bloomberg Occidental Petroleum Corp. Chief Executive Officer Vicki Hollub is on the cusp of winning a David versus Goliath bidding war that has captivated the oil industry. After making a series of approaches to rival Anadarko Petroleum Corp. about a merger over almost two years, Hollub was outflanked last month when the company embraced a takeover offer from Chevron Corp.,
From Bloomberg Anadarko Petroleum Corp.’s fleet of corporate jets is high on Occidental Petroleum Corp.’s list of things to sell if its takeover bid for the shale explorer succeeds. Occidental executives racked up more than 11,000 miles (17,700 kilometers) on the corporate jet in the past two weeks hopscotching between Houston, Paris and Omaha, Nebraska, to line up support for its
“We remain perplexed at your apparent resistance to obtaining far more value for Anadarko shareholders” – Oxy CEO Hollub On earnings call, Hollub calls Anadarko “a generational opportunity” By Richard Rostad, analyst, Oil & Gas 360 Occidental Petroleum (stock ticker: OXY; $OXY) is going to great lengths to ensure it beats Chevron (ticker: CVX) in the bidding contest for Anadarko
From CNBC Chevron’s leaders insist the company’s fortunes don’t rely on dealmaking, but the oil major nevertheless has much to lose if it does not prevail in an ongoing battle with Occidental Petroleum to take control of Anadarko Petroleum. Since Occidental first revealed its challenge to Chevron’s $33 billion agreement to buy Anadarko, analysts have largely seen Chevron as the likely victor. The prize includes acreage
Thousands of acres locked up by big companies with no drilling lowers our values, mineral owners say From the Casper Star-Tribune Sparked by a permitting war among Wyoming’s oil and gas producers, mineral owners in eastern Wyoming say they are banding together in defense, pushing for changes to Wyoming’s drilling rules and regulations. The Wyoming Mineral and Surface Owners Association
From The Wall Street Journal Occidental Petroleum isn’t alone. The Houston-based oil driller dug deep to outbid Chevron for rival Anadarko Petroleum by taking an expensive check from Warren Buffett’s Berkshire Hathaway. Others are on the hunt for assets in the area as a way to boost returns. That competition speaks to why Occidental has come out so strong. West Texas has become a big focus for drillers from ConocoPhillips to EOG Resources . The
From The Wall Street Journal Warren Buffett’s Berkshire Hathaway Inc. agreed to inject $10 billion into Occidental Petroleum Corp.’s bid to acquire Anadarko Petroleum Corp. and fight off Chevron Corp. Last week, Houston-based Occidental offered to purchase Anadarko for $38 billion, topping the $33 billion that Chevron agreed to pay for the company. The two sides are battling over prized energy assets in the heart of the U.S. oil boom in
From Reuters The U.S. Securities and Exchange Commission on Monday obtained an asset freeze in connection with suspected insider trading in Anadarko Petroleum Corp before the oil company agreed to be acquired by rival Chevron Corp. U.S. District Judge Gregory Woods in Manhattan granted the freeze over accounts linked to suspicious purchases between Feb. 8 and April 1 by unknown
