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Occidental Petroleum Corporation Message Board

  • microinvestor Nov 2, 2012 3:13 PM Flag

    OXY to Acquire Berry (BRY) California Asset Rumor

    I work in the Elk Hills area and there are a lot of rumors are surfacing about OXY acquiring the Berry acreage in the Taft area. Two of OXY California business units, Elk Hills & Vintage, announced a major restructuring Thursday afternoon in which the current Elk Hills President/General Manager S.Kerns will now oversee a new “California Heavy Oil” division, which currently just consists of smaller assets like Lost Hills & Railroad Gap. This doesn’t make sense for OXY to split up major leadership resources from EH & Vintage, to a new Cal Heavy Oil division with the smaller assets we currently have there. If the rumors are true, the new announced restructuring would make perfect sense, especially with Kerns strong leadership skills. Just to note, this wouldn’t be the first time OXY has been rumored to buy that asset, but I believe it this time to be true with the holes in the announced restructuring (no replacement named to EH to fill Kerns position). Hope it’s true that would be a great move for OXY & would surely shoot the stock price north. $78 looks really cheap here. Thanks

    Sentiment: Buy

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