Continental Focus, International Reach

Oxy/Anadarko a Done Deal

Sunday, August 11, 2019

Occidental Petroleum (Oxy) completed its $38 billion acquisition of Anadarko Petroleum. The deal was finalized shortly after 99% of the voting Anadarko shares approved the deal.

“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 Oxy Chief Executive Vicki Hollub.

Oxy outbid Chevron to win the right to take over Anadarko. Chevron walked away rather than upping the ante for Anadarko.

During the bidding war, Oxy agreed to sell Anadarko’s Africa assets to the French energy major Total for $8.8 billion, including a massive LNG development and export project in Mozambique. The firm also made a deal with Berkshire Hathaway to secure a $10 billion investment to help finance the deal and nullify any need for a shareholder vote on the Oxy side.