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Occidental sees opportunity in Colorado after $57B Anadarko deal

Greg Avery
Occidental sees opportunity in Colorado after $57B Anadarko deal

A $57 billion merger is poised to make a company new to Colorado the state’s biggest oil and gas producer, and its CEO sounds undaunted by dealing with Colorado’s new rules and controversies surrounding oil drilling. Houston-based Occidental Petroleum Corp. (NYSE: OXY), won a bidding war to buy Anadarko Petroleum Corp., the Woodlands, Texas-based company that employs 1,100 people in Colorado and operates more than 6,500 wells in the Denver-Julesburg Basin north and east of the Denver-metro area. Chevron Corp. (NYSE: CVX) withdrew from bidding May 9 after the board of Anadarko (NYSE: APC) board favored Occidental’s latest offer, supplanting the transaction Anadarko and Chevron reached earlier.