|Bid||118.03 x 1100|
|Ask||119.22 x 1400|
|Day's Range||118.09 - 121.43|
|52 Week Range||100.22 - 131.08|
|Beta (3Y Monthly)||0.78|
|PE Ratio (TTM)||15.28|
|Earnings Date||Apr 26, 2019|
|Forward Dividend & Yield||4.76 (3.86%)|
|1y Target Est||139.50|
Occidental Petroleum offered $76 per share for Anadarko, topping Chevron's bid. Yahoo Finance's Seana Smith and Jared Blikre discuss.
Occidental bids for Anadarko, trumping Chevron's initial offer. Yahoo Finance's Adam Shapiro, Julie Hyman, and Scott Gamm join Oppenheimerfunds Chief Investment Officer and Head of Fixed Income Krishna Memani to discuss.
STOCKSTOWATCHTODAY BLOG Three numbers to start your day: $38 billion is how much energy company (OXY) has offered to pay for (APC) That’s 21% more than oil giant Chevron offered to pay for Anadarko earlier this month.
While being meet with skepticism from analysts -- who have called the bid “ill-advised” and “a very bad idea” -- the proposal shows the appetite of Chief Executive Officer Vicki Hollub, 59, who took over in 2016 as only the fourth CEO in the company’s history and is one of the few women leading a major oil producer. The price of the deal is only about $8 billion less than Occidental’s total market value. The move is fitting for a company that for decades was led by larger-than-life characters, including Ray Irani, who was for a time the industry’s highest-paid leader, pulling in $80 million in average compensation over several years.
(Bloomberg) -- Chevron Corp.’s largest producing joint venture with Venezuela is still struggling to resume normal operations after rolling blackouts temporarily knocked oil output to zero.
for Anadarko Petroleum, Wall Street dealmakers were not surprised. Occidental has forged close relationships with both banks, in particular with Bank of America, which supplied Occidental’s former chief executive and an executive charged with business development. from the hands of rival Chevron in a deal that was arranged two weeks ago.
The following are the top stories in the Wall Street Journal. - Occidental Petroleum Corp offered to buy Anadarko Petroleum Corp for $38 billion, launching a potential bidding war for a company that agreed earlier this month to be purchased by Chevron Corp for about $33 billion. - Merger talks between Deutsche Bank AG and Commerzbank AG have gotten bogged down over questions ranging from a lack of investor support to opposition from powerful labor unions, according to people familiar with the matter.
Exxon Mobil and Chevron are expected to report lower quarterly earnings per share when compared with last year's first quarter, though their stocks have outperformed smaller companies with both in the midst of aggressive expansion plans in shale oil. A combination of lower oil prices, weakness in liquefied natural gas (LNG) portfolios and lacklustre refinery margins could hurt integrated oil companies across the board, analysts said ahead of results announcements on Friday. "We're not looking for a great first quarter for the group," said Blake Fernandez, senior research analyst with Piper Jaffray & Co's Simmons Energy.
FT premium subscribers can click here to receive Due Diligence every day by email. Tom Barrack was barely in his forties when his boss, the oil heir Robert Bass, entrusted him with the assignment that would launch him on the path to power and fortune. The Plaza occupied an even more prestigious stretch of the ego-driven imaginations of New York’s tycoon class, and Barrack, whose job was to sell it, managed to fetch $400m — more than anyone had previously paid for a single hotel.
Whether or not Chevron wins its bid to acquire Anadarko, there's no doubting the oil giant has a long history of M&A. Take a deeper dive into the history of Chevron.
A bidding war broke out for Anadarko Petroleum. Small caps moved higher while the S&P 500 paused. Dollar strength could be worrisome.
Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion (29.4 billion pounds) for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by Chevron Corp. Both suitors are offering a premium for Anadarko's holdings in the Permian Basin of West Texas and New Mexico. Occidental's surprise $76-per-share bid is valued at $57 billion, including debt.
After being rebuffed several times, Occidental Petroleum Corp. on Wednesday made public a $38 billion offer to buy Anadarko Petroleum Corp., seeking to break up a proposed takeover by Chevron Corp. The $76 per share cash-and-stock bid for The Woodlands, Texas-based oil and natural gas producer is 20 percent more than Chevron’s $33 billion April 12 agreement. For Occidental, which has a market value of about $46 billion, the acquisition would be its largest ever and the biggest purchase of an oil producer anywhere in at least four years. It would pull together two second-tier oil and natural gas producers, as opposed to Chevron’s bid to create another "ultramajor" to rival Exxon Mobil Corp. It would require Anadarko to pay a $1 billion breakup fee to Chevron.
The bidding war for Anadarko Petroleum (APC) has begun and no one is happier than APC investors. OXY and CVX are fighting for control of the Permian Basin and Anadarko is the golden ticket.
Hollub, the first woman to become chief executive officer of a major oil company, rose through the ranks after earning a degree in mineral engineering. By challenging Chevron for a takeover of Anadarko, she is betting she can convince investors that she is able to run a much bigger business. Anadarko has deep-water fields and is moving into liquefied natural gas, two areas where Occidental has no experience.
The S&P 500 slipped on Wednesday after ending the previous session with a record and the Nasdaq failed to hold all-time highs reached earlier in the day while investors waited for more earnings reports. Energy stocks were the biggest drag on the S&P 500 as oil prices fell. While the tech-heavy Nasdaq had help from eBay Inc's upbeat earnings and a chipmaker rally, investors were digesting a mixed bag of reports.
The Board of Directors of Chevron Corporation today declared a quarterly dividend of one dollar and nineteen cents per share, payable June 10, 2019, to all holders of common stock as shown on the transfer records of the Corporation at the close of business May 17, 2019.
"In the two years that we've been working this, there is no other opportunity that has the upside potential that this does. This is one of those very rare opportunities."
Futures in New York hit a wall Wednesday after a surprisingly big jump in American crude inventories suggested global supplies may be less constrained than previously thought. Prices in New York slipped 0.6 percent on Wednesday. The U.S. Energy Information Administration said stockpiles swelled by 5.48 million barrels last week, topping even the highest estimates in a Bloomberg survey of oil analysts.
When weighing which oil stocks to buy, consider which ones are the leaders in U.S. shale or are already big players making moves in top plays like the Permian.
Occidental's surprise $76-per-share proposal comes after the company had repeatedly said in recent weeks that it had been trying to woo Anadarko in an effort to become the largest producer of oil in west Texas's Permian basin, where production has boomed in recent years.