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...Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
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