Occidental Posts $2.2B Loss, Deepens Spending Cuts
Occidental Petroleum Corp on Tuesday swung to a first-quarter loss on writedowns and charges, and the troubled U.S. oil producer cut its budget for the third time since March in response to a historic oil-price crash.The company has been struggling with debt taken on in last year's $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on rising shale oil prices ahead of a market dive.Global energy demand has tumbled amid coronavirus-related travel and business restrictions and a glut of oil from a price war. U.S.
Oxy Slashing Jobs 'Significantly'
Occidental Petroleum Corp said on Wednesday it would begin dismissing workers in a new cost-cutting move following its $38 billion acquisition of Anadarko Petroleum.The company has already "significantly" cut staff through a voluntary program, spokeswoman Melissa Schoeb said in an email. She did not respond to requests for information about the number of employees to be cut or any potential charge to earnings.The combined company had about 16,000 workers when it merged.Occidental has been selling assets and cutting costs since it outbid Chevron Corp last year for Anadarko…
Icahn Sells Nearly a Third of His Oxy Stake
Activist investor Carl Icahn, who has been waging a bitter battle against Occidental Petroleum Corp's board over its $38 billion acquisition of Anadarko Petroleum, cut his holdings in the oil and gas producer by nearly a third, according to an open letter to shareholders released on Friday.Icahn has opposed the deal as "hugely overpriced" and a misplaced bet-the-company gamble on oil prices rising, and urged Occidental's board to instead put the company on the market.Icahn sold 10 million shares and now holds 23 million shares, valued around $900 million, he said.
Oxy Books Supertanker for a Record $13.25 Mln
Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated November 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…
Total Closes Mozambique LNG Purchase
Total has completed the acquisition of Anadarko's 26.5% stake in Mozambique's liquefied natural gas (LNG) project for $3.9 billion, the French oil major said on Monday."Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas," Total chairman and CEO Patrick Pouyanne said in a statement.Anadarko, which had led the southern African LNG project, was taken over by Occidental Petroleum Corp. and replaced as Mozambique…
Oil Companies Push Carbon-capture Efforts
A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York.Oil chiefs grappling with growing demand for action to fight climate change have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp CEO Vicki Hollub, say could make drilling carbon neutral.With fossil fuel development growing worldwide, the oil and gas…
Oxy CFO Pledges to Quickly Pare Acquisition Debt
Occidental Petroleum Corp expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company's finance chief said on Monday.Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an EnerCom energy conference audience, the resulting debt burden was "not too bad," and pledged Occidental would be selective in choosing assets to sell.He defended the purchase, which has been attacked by activist Carl Icahn as "misguided and hugely overpriced," as providing future oil production as a good valuation.
Anadarko Shareholders Go for Cash in Oxy Buyout
Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the…
Oxy Q2 Earnings Dip
Occidental Petroleum Corp , which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% drop in quarterly profit on Wednesday, as costs related to the deal and weaker chemical earnings hit its bottom line.Still, the results topped Wall Street estimates for the period and Occidental's operating cash flow rebounded from last quarter to $2.96 billion, up 7% from the same quarter a year ago. Investors closely watch operating cash…
Anadarko Shareholders to Vote on Oxy Deal
Anadarko Petroleum Corp shareholders will vote Aug. 8 on the oil and gas producer's planned $38 billion sale to Occidental Petroleum Corp - the biggest oil and gas deal of the year.Occidental avoided its own shareholder vote on the deal by securing a controversial $10 billion financing agreement with Warren Buffett's Berkshire Hathaway, which allowed it to raise the cash portion of its offer.While an Anadarko holders' vote for the proposed deal is very likely, the price has angered several Occidental investors…
Anadarko Approves $20 Bln Mozambique LNG Project
U.S. energy firm Anadarko Petroleum Corp gave the go-ahead on Tuesday for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa, according to the government of Mozambique and energy consultancy Wood Mackenzie.The announcement, which occurred at an event in Mozambique, was widely expected after Anadarko last month flagged the decision date. Officials at Anadarko were not immediately available for comment.The project…
Oxy Enters Four Blocks in Southern Colombia
U.S.-based oil company Occidental Petroleum Corp has partnered with Amerisur Resources Plc on four exploration and production blocks in southern Colombia, near the border with Ecuador, the National Hydrocarbons Agency (ANH) said on Tuesday.The Tacacho, Terecay, PUT-9 and Mecaya blocks are in the jungle region of Putumayo, one of the provinces with the greatest potential for oil discovery.Amerisur, which will continue as operator of the blocks, ceded 50% of its participation in the blocks to Occidental, the ANH said."These are four very important blocks in Putumayo, a very prospective area of the c
US FTC Approves Oxy's Bid for Anadarko
Oil and gas producer Occidental Petroleum Corp said on Tuesday the U.S. Federal Trade Commission has granted approval for its proposed $38 billion deal to buy Anadarko Petroleum Corp.The waiting period required for companies under the Hart-Scott-Rodino Antitrust Improvements Act was terminated early by the FTC, the company said.The deal is expected to close in the second half of 2019.(Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber)
Icahn Sues Oxy Over 'Misguided' Anadarko Deal
Occidental Petroleum Corp 's activist investor Carl Icahn has filed a lawsuit against the company over what it called its "misguided" pact to buy Anadarko Petroleum Corp, and may seek a special meeting to remove and replace board members.The lawsuit, filed on Thursday in Delaware by a group of Icahn companies, calls Occidental's recent agreement to purchase Anadarko for $38 billion "fundamentally misguided and hugely overpriced," and says "management wanted to avoid a vote at almost all costs."Icahn…
Timeline: Occidental's Anadarko Victory
Before Occidental Petroleum Corp clinched a deal on Thursday to buy Anadarko Petroleum Corp for $38 billion, it pursued its U.S. oil and gas exploration and production rival for nearly two years, culminating in the sector's most high-profile public contest since the 1980s.For most of Occidental's pursuit, Anadarko snubbed its overtures, arguing its offers were too risky. Last month, it entered into a deal with deep-pocketed oil major Chevron Corp to sell itself for $33 billion in…
Oxy Would Sell Anadarko’s Africa Assets to Total
France's Total SA said on Sunday it has agreed with Occidental Petroleum Corp to acquire the African assets of Anadarko Petroleum Corp for $8.8 billion, should the two U.S. oil and gas companies clinch a deal to combine.The agreement with Total is the latest move by Occidental in its effort to convince Anadarko to accept a $38 billion cash-and stock acquisition offer and abandon its agreed $33 billion sale to Chevron Corp. On Tuesday, Occidental secured a $10 billion investment from…
Oxy Shareholders Criticize Anadarko Bid
Several major Occidental Petroleum Corp shareholders have voiced opposition to the oil company's $38 billion bid for rival Anadarko Petroleum Corp that now includes a pricey financing deal with billionaire Warren Buffett.Occidental and Chevron Corp are battling for Anadarko and its holdings of nearly a quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost production has helped turn the United States into the world's top oil producer at 12.3 million barrels per day.
Warren Buffett Backs Oxy's Anadarko Bid
Warren Buffett's Berkshire Hathaway Inc committed $10 billion on Tuesday to Occidental Petroleum Corp's $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp.Occidental and Chevron are locked in the biggest oil-industry takeover battle in years as they eye Anadarko's prized assets in West Texas' huge Permian shale oil field.Anadarko on Monday agreed to start negotiations with Occidental, saying its bid could potentially…
Anadarko to Resume Talks with Occidental
Anadarko Petroleum Corp said on Monday it planned to resume talks with Occidental Petroleum Corp over its $38 billion bid, putting pressure on Chevron Corp to raise its $33 billion offer for the oil and gas producer.Anadarko said its board had unanimously decided that Occidental's offer could result in a "superior proposal", but added that it continued to recommend Chevron's offer at this point.Anadarko asked Chevron on Sunday if it wanted to raise its bid and Chevron declined, people…
Anadarko Bidding War Heats Up
American multinational energy corporation Chevron is working on integrating the hydrocarbon exploration company Anadarko Petroleum, even as it faces a higher rival takeover bid for the oil explorer from Occidental Petroleum Corp, said a report in Bloomberg.However, it is becoming increasingly difficult for Anadarko to justify sticking with Chevron's$30.9 billion takeover as its shares gain following Occidental Petroleum higher offer."The bidding war is breaking out over Anadarko,…
