Offers on the table: $76 per share from Oxy vs $65 from Chevron By Richard Rostad, analyst, Oil & Gas 360 Dear Anadarko Board: It is unfortunate that you agreed to pay a breakup fee of $1 billion, representing approximately $2 per share, without even picking up the phone to speak to us after we made two proposals during the
For now, Wall Street has turned off the shale funding spigot By Bevo Beaven, Editor, Oil & Gas 360, with Richard Rostad, Analyst Oil and gas funding is evolving. Initial public offerings, secondaries and follow-on equity raises are no longer an easy-to-turn-on cash spigot that sits ready to fill the bank accounts of public exploration and production (E&P) companies with
From CNBC There was another bid for Anadarko Petroleum, the oil and gas explorer which Chevron said it was buying for $65 a share in cash and stock on Friday. Occidental Petroleum bid more than $70 a share for Anadarko in cash and stock earlier, people familiar with the situation told CNBC, but the company ultimately decided to go with Chevron. In addition to being higher,
From Reuters Occidental Petroleum Corp has emerged as one of the biggest exporters of U.S. shale oil, rivaling large trading firms and oil majors, in a market now worth more than $150 million every day. It is showing no signs of slowing down, with plans to double crude exports by 2020. In 2017, Occidental was the largest exporter from the
Eighth quarterly profit in a row By Richard Rostad, analyst, Oil & Gas 360 Occidental Petroleum (ticker: OXY) reported Q4 results and reserves today, showing $706 million in net income, or $0.93 per share. Oxy earned a total of $4.1 billion in 2018, significantly improved from the $1.3 billion the company earned in 2017. This quarter marks the eighth consecutive
Steve Chazen up and running in the Eagle Ford, Austin Chalk Steve Chazen’s newly formed company, Magnolia Oil & Gas, is up and running, its stock trading on the NYSE under ticker MSY. Magnolia came out of TPG Pace Energy Holdings Corp. (NYSE: TPGE) merger with EnerVest, Ltd.’s South Texas Division for $2.66 billion. The deal closed July 31. The
From Reuters Occidental Petroleum Corp (OXY.N) is exploring a sale of its pipeline assets, hoping to fetch more than $5 billion and free up capital to invest in exploration and production as oil prices rebound, people familiar with the matter said on Tuesday. The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoni Occidental’s
Occidental Petroleum Corporation (ticker: OXY) reported a core income of $708 million for the first quarter of 2018, or $0.92 per diluted share. Total average daily production volumes were 609,000 BOE for the first quarter of 2018, compared to 621,000 BOE in the fourth quarter of 2017. Permian average daily production volumes improved from the prior quarter by 18,000 BOE,
TPG Pace Energy acquires EnerVest’s South Texas Division in $2.66 billion handshake; forms new public company – Eagle Ford, Austin Chalk pure-play – Magnolia Oil & Gas Corp. TPG Pace Energy Holdings Corp. (ticker: TPGE), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, has entered into definitive agreements with funds managed by EnerVest,
Occidental Petroleum Corporation (ticker: OXY) reported net income of $497 million, or $0.65 per diluted share, for the fourth quarter of 2017, compared with $190 million, or $0.25 per diluted share, for the third quarter of 2017. Core income for the fourth quarter of 2017 was $313 million, or $0.41 per diluted share, compared with $137 million, or $0.18 per diluted
Oxy has invested $2 billion in the Permian Occidental Petroleum (ticker: OXY) announced Monday ahead of its third-quarter earnings call that the company acquired producing and non-producing leasehold acreage in the Permian Basin from private sellers for approximately $2 billion. During OXY’s conference call today, it became clear that the company plans to use its Permian acreage as the benchmark
Occidental looks to add 2 rigs to the Permian in 2017 Occidental Petroleum (ticker: OXY) announced its second quarter results this week, reporting quarter-end cash balance of $3.8 billion, and Permian Resources production of 126 MBOEPD, up 16% year-over-year. OXY’s total company production increased to 609 MBOEPD due in large part to production in Abu Dhabi and Oman, but the Permian
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