Occidental Petroleum's Proposal For Anadarko Exceeds Chevron's

Occidental Petroleum’s Proposal For Anadarko Exceeds Chevron’s

Written by Renato Oliveira

Published on 25/04/2019 at 01:00

Updated on 24/04/2019 at 23:50

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Acquisition Agreement Signed Between Chevron and Anadarko Last Week is Threatened After Proposal from U.S. Occidental Petroleum

Occidental Petroleum has decided to intervene in the deal announced last week between Chevron and Anadarko, making a proposal 70% higher than Chevron’s.
Chemron had offered US$ 33 billion to acquire Anadarko, with the companies having signed an acquisition agreement, but this proposal was surpassed by Occidental Petroleum, which offered US$ 57 billion.

Anadarko spoke out yesterday (04/24), intending to inform that the new proposal will still undergo analysis by its board of directors.
The oil company’s statement was as follows: “Anadarko expects to respond to the offer (…) after its review and reaffirms, at this moment, its recommendation for the transaction with Chevron.”

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The Possible New Partners

Occidental Petroleum is a major oil company operating in the U.S., Latin America, and the Middle East, with an average production of 658,000 boe in 2018, when it reported revenues of US$ 19 billion and a profit of US$ 4 billion.
Based on its portfolio in December 2018, the company had 2.8 billion boe in proved reserves.

Regarding Anadarko, the oil company operates in the U.S., Africa, and South America, achieving an average extraction of 663,000 boe in 2018 and ended last year with 1.473 billion in proved reserves.
The revenue was US$ 13.382 billion, and the company’s annual profit was US$ 615 million.

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

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Occidental Petroleum’s Proposal For Anadarko Exceeds Chevron’s

Acquisition Agreement Signed Between Chevron and Anadarko Last Week is Threatened After Proposal from U.S. Occidental Petroleum

The Possible New Partners

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