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Browsing: Occidental Petroleum (Oxy)
The French are coming!
Last Friday Anadarko’s takeover bid by the Occidental Petroleum (Oxy) was officially approved by 99% of its shareholders at an extraordinary general meeting resulting in the combination of two of the largest oil producers in the Houston area. Although this was the largest deal in recent years, it placed Oxy in a challenging position.
The company took some $40 billion in debt to make the deal a reality, including Anadarko’s existing debts.
In addition, early this week the market reacted nervously as Evercore ratings downgraded their stock saying that Anadarko’s acquisition makes the company “larger but less valuable”.
Nevertheless, Anadarko’s Mozambican assets are now on Oxy’s balance sheet and with the recent FID, it is poised to become a reference for African LNG for years to come. Oxy never made secret that the focus of this acquisition was Anadarko’s Permian Basin assets, which are now being …