Both OXY and APA are trading at a discount to their peers and to historical valuations because wall street is freaking out about their international operations in the middle east. Both of these companies should merge their international operations and spin them off into a new company. The remaining US-based companies would then shoot up in value and the combined valuation of these companies would likely be 50% higher than it is today.
The fact that OXY is coming under leadership soon makes me think this is actually a possibility.
Besides, wall street loves oil spinoffs these days. Phillips 66 and Marathon have doubled since being spun off last year.
PSX and MPC are refiners, spun off because they were a drag on upstream profitability at the time. Doubt you would be using them as examples had the unanticipated glut of inland crude and natural gas not occurred.
Interesting idea. Anything that sells off international/non-productive assets (LNG) is a good thing because the stub of the company (North America) is excellent and growing quite well. The multiple on NA cash flow would more than compensate for the loss of international cash flow.