Takes $1B termination fee – 2019/05/09, Anadarko: Oxy’s revised takeover bid superior to Chevron’s – 2019/05/07, Total looking to buy Anadarko’s African assets from Oxy for $8.8 billion – 2019/05/06, Buffett’s Berkshire Hathaway to invest $10B in Oxy subject to Anadarko takeover – 2019/04/30, Oxy in swoop for Anadarko. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. Business & Finance; June 6, 2019, by Offshore Energy Today Occidental Petroleum’s $38 billion acquisition of rival Anadarko has moved closer to completion as the U.S. antitrust regulators have given it an approval. With the consolidation, Oxy has become the largest operator in terms of land holdings and production in the DJ Basin in Colorado and the Uinta Basin in Utah. Occidental Petroleum Corporation (NYSE: OXY) ... More than 99% of the shares voted at the Special Meeting were in favor of the Occidental merger agreement. We had nearly 9 million page views in 2018, with 2.4 million new users. Occidental’s new offer to Anadarko is 78 percent cash and 22 percent stock, compared with an even cash/stock split previously. Occidental is prodding Anadarko’s board to abandon its $33 billion merger agreement with Chevron. Icahn has also criticized Oxy’s $10 billion financing agreement signed with Warren Buffet’s Berkshire Hathaway and has also rued the company’s move to pay a large part of the merger in cash and avoiding a shareholder vote. Occidental on Sunday increased the cash component of its $38 billion bid, removing a requirement to win the approval of Occidental shareholders. “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” said Vicki Hollub, the president and chief executive officer of Oxy. Chevron’s offer did not require shareholder approval, which is why Anadarko has so far preferred that bid, Hollub said. Oxy acquired The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC) in a transaction valued at $55 billion, including the assumption of Anadarko… Anadarko shareholders are receiving $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock in the transaction. Both Oxy and Anadarko are headquartered in Houston and no details have been shared on how the integration will play out, or how many of Anadarko’s roughly 4,000 employees will remain part of the combined company. Don't miss out on the latest technology delivered to your email weekly. By the end of this year, the company will cease to exist. Effective after the end of trading today, Anadarko’s common stock will no longer trade on the New York Stock Exchange. Trusted partner in electric technology Over the years, Alewijnse has been a trusted partner for various owners, operators and shipyards in new builds, mid-life extension programs and ad hoc service requests. Have something more to add to the story? Oxy, Anadarko $38B merger clears antitrust hurdle. In another all-stock transaction, one of the largest operators in the Permian Basin is set to add nearly 250,000 acres to its portfolio and swell oil production to more than 300,000 B/D. “They clearly aren’t willing to take no for an answer, and are willing to leverage what had historically been a pristine balance sheet to get the deal done,” Rowland said. Being a frontrunner in both innovative energy, propulsion, automation solutions we are a unique partner to keep your assets in a safe, reliable and […], Bristow and Era one step closer to closing merger after clearing antitrust hurdle, Workers clearing out as Tropical Storm Beta forms in Gulf of Mexico, Norway clears OKEA’s buy of Equinor’s Aurora discovery, Tender Engineer Offshore- Heavy Lift & Decommissioning, Oxy, Anadarko $38B merger clears antitrust hurdle, Icahn slams Oxy’s ‘fundamentally misguided’ buy of Anadarko, Chevron drops Anadarko takeover pursuit. ©2003-2020 Society of Petroleum EngineersAll Rights Reserved. That was made possible by a headline-grabbing move to secure a financing agreement with Berkshire Hathaway, which is run by the famed investor Warren Buffet. Maybe a nice photo? Marking the end of a 2-year existence, Riviera is preparing for liquidation and dissolution. Occidental Petroleum’s $38 billion acquisition of rival Anadarko has moved closer to completion as the U.S. antitrust regulators have given it an approval. The merger also will make Oxy the fourth-largest oil and gas producer in the Gulf of Mexico, a basin the company has not operated assets in for several years. The activist shareholder has filed a lawsuit against Oxy, seeking court permission to view certain books and records by Occidental. Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more! Will Investors Be Treating Oil Companies as Fossils? If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter. Anadarko common stock pursuant to the merger. “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” said Vicki Hollub, President and Chief Executive Officer. The company did not want to bypass a shareholder vote, but felt its only options were to “increase the share price or provide clarity at closing,” Hollub said. HOUSTON (Reuters) - Occidental Petroleum Corp said on Monday its latest bid to take over Anadarko Petroleum Corp was designed to make sure Anadarko’s board considers its offer superior to one from Chevron Corp, even though it could spark tensions with its own shareholders. FREE Breaking News Alerts from StreetInsider.com! Several Occidental shareholders oppose the merger, though, including T. Rowe Price Group Inc. Source: SPE. Anadarko was initially approached for a takeover by Chevron, which was usurped by the larger cash offer made by Oxy. The deal also risks the ire of billionaire investor Carl Icahn, who has been amassing a stake in Occidental to challenge its Anadarko offer, according to sources. We look forward to updating the market on our continued progress in the months ahead.”. Spotted a typo? By raising the cash component, Occidental will not need approval from its shareholders. Takes $1B termination fee, Anadarko: Oxy’s revised takeover bid superior to Chevron’s, Total looking to buy Anadarko’s African assets from Oxy for $8.8 billion, Buffett’s Berkshire Hathaway to invest $10B in Oxy subject to Anadarko takeover, Oxy in swoop for Anadarko. 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More than 99% of the shares voted at the Special Meeting were in favor of the Occidental merger agreement. The acquisition is expected to close in the second half of 2019,” Occidental said. Assume a shareholder held 10,000 shares of Anadarko common stock with an adjusted tax basis of $35 per share, for an aggregate adjusted tax basis of $350,000. Says its bid superior to Chevron’s – 2019/04/24. Anadarko Petroleum shareholders approved a $38 billion takeover bid by Occidental Petroleum (Oxy) on 8 August, marking the completion of the acquisition process that began in May. We look forward to updating the market on our continued progress in the months ahead.”. Four weeks of excitement and intrigue came to a close on May 9 when Chevron Corp. (CVX) officially bowed out of the battle to purchase Anadarko Petroleum (APC), ceding the honor to Occidental Petroleum (OXY).. The bid “smells like desperation,” said Edward Jones analyst Jennifer Rowland. All quotes delayed a minimum of 15 minutes. Anadarko shares jumped 3.1 percent to $74.95 while Occidental dipped 0.4 percent to $57.74 and Chevron rose nearly 1 percent to $118.43. Our Standards: The Thomson Reuters Trust Principles. Occidental Petroleum Corporation (NYSE: OXY) today announced the successful completion of its acquisition of Anadarko Petroleum Corporation (NYSE: APC) in a transaction valued at $55 billion, including the assumption of Anadarko’s debt.