Occidental Petroleum's bid for Anadarko beats Chevron's

Acquisition agreement signed between Chevron and Anadarko last week is threatened after proposal by North American Occidental Petroleum

Occidental Petroleum decided to cross the deal announced last week between Chevron and Anadarko and made a proposal 70% more than Chevron.
Chevron had offered US$ 33 billion for the purchase of Anadarko, and the companies even signed an acquisition agreement, but this proposal was overcome by Occidental Petroleum, which offered US$ 57 billion.

Anadarko spoke yesterday (24/04), in order to inform that the new proposal will still be analyzed by its board of directors.
The oil company's statement was as follows: "Anadarko expects to return the offer (...) after its review and reaffirms, until this moment, its recommendation for the transaction with Chevron".

Upon confirmation of acceptance of the highest proposal, the new company between Anadarko and Occidental would be born with a market value of US$ 100 billion and with a total production of 1,4 million boed.
Anadarko, however, would have to settle with Chevron, which would have to pay a fee of 1 billion dollars with the withdrawal of the deal.

Occidental, on the other hand, declared by letter to the board of Anadarko, also on the date of yesterday (24/04), that it had already sent two proposals with values ​​much higher than the one made by Chevron.

Possible new partners

Occiental Petroleum is an oil company with a strong presence in the US, Latin America and the Middle East and had an average production of 658 boed in 2018, when it had revenues of US$ 19 billion and profit of US$ 4 billion.
In its portfolio based on December 2018, the company had 2,8 billion boe in proved reserves.

Regarding Anadarko, the oil company operates in the US, Africa and South America, obtained an average extraction of 663 boed in 2018 and reached the end of last year with 1,473 billion in proven reserves.
Revenue was US$ 13,382 billion and the company's annual profit was US$ 615 million.

What is known is that the imbroglio is still far from over, but it is known that whoever buys Anadarko will own, in Brazil, the CM-101 and CM-61 blocks, with 30% and 33% stakes, respectively, in the Campos Basin.

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