Energy Prospectus

Occidental Petroleum Corp. launched a $57 billion takeover bid for Anadarko Petroleum Corp. on April 24, trumping Chevron Corp.’s roughly $48 billion offer for The Woodlands, Texas-based independent announced earlier this month. Houston-based Occidental set forth terms of a proposal to acquire Anadarko for $76 per share, which the company said represents a premium of about 20% to the value of Anadarko’s pending transaction with Chevron as of April 23.

Video with OXY CEO: https://finance.yahoo.com/video/occiden ... 06275.html

Bloomberg: Occidental Bids $38 Billion for Anadarko in Plan to Beat Chevron

Occidental Petroleum Corp. is starting a bidding war for Anadarko Petroleum Corp., making a $38 billion counteroffer in attempt to break up the proposed takeover by Chevron Corp. Occidental said Wednesday it’s offering $76 per share in cash and stock, a premium of about 20 percent over Chevron’s April 12 agreement to buy The Woodlands, Texas-based Anadarko. That compares with the $33 billion, or about $65 a share, agreement that Chevron announced two weeks ago. In a letter to Anadarko’s board of directors, Occidental Chief Executive Officer Vicki Hollub said her company has made three bids since late March. Occidental said it has completed its due diligence on the deal and has financing lined up with Bank of America Merrill Lynch and Citigroup Inc. Andarko’s assets include operations in the Permian Basin in West Texas and New Mexico. The world’s fast-growing oil major patch, the Permian has helped to turn the U.S. into a net exporter and become a bigger producer than Saudi Arabia. Chevron earlier this year unveiled ambitious growth plans for the basin. The deal was meant to boost Chevron into the upper leagues of oil companies, with output and sales approaching or beating Exxon Mobil Corp.’s.