Reversing Our Enthusiasm on Oxy After a Closer Look at Its Permian Well Performance
When Occidental agreed to acquire Anadarko Petroleum for $57 billion, we were enthusiastic at first, even though the proposed consideration reflected a takeover premium of more than 60%. As a result, we initially raised our fair value estimate for Oxy to $64 per share on May 10. This was primarily due to 1) the concurrent agreement to sell Anadarko's Africa assets to Total for $8 billion, a premium to our intrinsic value estimate, and 2) the potential for Oxy to juice the value of Anadarko's Per...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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