Chevron Bows Out of Anadarko Sweepstakes
Citing cost and capital discipline, Chevron announced May 9 it would not submit a counterproposal to acquire Anadarko in the wake of Oxy’s revised bid. Assuming Anadarko terminates the existing merger agreement, it will have to pay Chevron a $1 billion termination fee. Chevron still intends to increase its annual share repurchases to $5 billion from $4 billion, which it originally planned to do upon closing of the deal. The original offer did not result in a change in our fair value estimate or ...Occidental Petroleum has three reporting segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas; chemical, which mainly manufactures and markets basic chemicals (chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates and calcium chloride) and vinyls (vinyl chloride monomer, polyvinyl chloride and ethylene); and marketing and midstream, which purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide and power.
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