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...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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