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Chevron gives up on Anadarko Petroleum, will get $1B termination fee

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The decision leaves Occidental as a victor in a race that once again demonstrated the attractiveness of the American shale.

The decision also means Chevron will collect a $1 billion breakup fee, a windfall that it could use to purchase another driller in the Permian Basin, the engine of the American oil drilling boom.

Chevron will not increase its offer for Anadarko from CNBC.

Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

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Anadarko

Cramer Hating on Buffet? Calls the Berkshire, Occidental’s Deal ill-advised

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Occidental revealed this week that Berkshire has committed to invest $10 billion in the company to help fund its proposed acquisition of Anadarko. Berkshire would make the investment by purchasing 100,000 shares of preferred stock, which pays out an 8% annual dividend.

Backed by Berkshire, Occidental’s bid topped an earlier bid by Chevron. However, the “Oracle of Omaha” doesn’t consider it to be a hostile deal because Anadarko wants to sell its properties. – https://www.cnbc.com

The most overhyped investment guru Jim Cramer is now calling the Berkshire, Occidental’s Deal ill-advised. talk about sour grapes.

Buffett’s Berkshire Hathaway Inc. agreed earlier this week to make the investment in Occidental to help the oil producer with its $38 billion bid for Anadarko Petroleum Corp. Berkshire will receive preferred shares and warrants, while Occidental gets the financial backing of a billionaire investor whose company has $112 billion in cash. – https://www.bloomberg.com

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Anadarko

OXY Sees so much synergies in Anadarko Petroleum – Wants some of that synergie

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OXY has joined the race to acquire Anadarko Petroleum APC. Occidental’s offer is far more lucrative than the proposal made by Chevron Corporation CVX earlier this month.

This offer is expected to be accretive to Occidental’s free cash flow. The company has identified $2 billion in annual cost synergies and $1.5 billion of annual capital expenditure reductions. – https://finance.yahoo.com

But Wall Street is betting that Chevron will win the bidding war for Anadarko Petroleum . Chevron must lift its offer, the reasoning goes, but it doesn’t have to match one from Occidental Petroleum in order to acquire the independent energy company. – barrons.com

Occidental Petroleum bids $76 a share for Anadarko, trumping Chevron offer for the driller

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