Occidental Outbids Chevron in Anadarko Acquisition Attempt
On April 24 Occidental confirmed it is vying to usurp Chevron in the race to buy Anadarko Petroleum. Oxy shares reacted modestly on the day, declining less than 1%, and we think this is the correct response. We agree that substantial value can be unlocked by combining the businesses, but by offering a huge premium--over 60% of Anadarko's market value prior to the Chevron announcement--Oxy would be passing most of the benefit to Anadarko shareholders, if the deal is approved. Although our fair va...Anadarko Petroleum is an independent exploration and production company. The company also participates in the hard-minerals business through royalty arrangements. The company's reporting segments are as follows: Exploration and Production, which is engaged in the exploration, development, production, and sale of oil, natural gas, and natural-gas liquids (NGLs) and in advancing its Mozambique liquefied natural gas project toward final investment decision; and WES Midstream and Other Midstream, in which these two segments engage in gathering, processing, treating, and transporting the company and third-party oil, natural-gas, and NGL production as well as gathering and disposal of produced water.
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