|Bid||0.00 x 2200|
|Ask||0.00 x 900|
|Day's Range||44.79 - 46.21|
|52 Week Range||41.83 - 83.35|
|Beta (3Y Monthly)||1.25|
|PE Ratio (TTM)||9.04|
|Earnings Date||Nov 4, 2019 - Nov 8, 2019|
|Forward Dividend & Yield||3.16 (7.08%)|
|1y Target Est||57.07|
Occidental Petroleum Corp, which is locked in a battle with activist investor Carl Icahn, plans to make it easier for shareholders to call special meetings and would create new board committees, according to securities documents filed Thursday. The changes would include lowering the threshold to call a special meeting from 25% to 15% of shares outstanding, and forming a board committee on sustainability and shareholder engagement as well as an integration committee that would focus on Occidental's recent acquisition of rival Anadarko Petroleum Corp. Occidental will recommend shareholders approve the changes at its 2020 annual meeting, according to a Securities and Exchange Commission filing.
Moody's Investors Service ("Moody's") has withdrawn all outstanding ratings of Anadarko Petroleum Corporation (Anadarko) and its guaranteed subsidiaries, including the Ba1 Corporate Family Rating and Ba1 senior unsecured ratings. This action follows Occidental Petroleum Corporation's (OXY, Baa3 stable) completion of its offer to exchange OXY senior notes for notes issued by Anadarko and its guaranteed subsidiaries. Around 96% of the aggregate principal amount of notes outstanding for Anadarko and its guaranteed subsidiaries were exchanged for new OXY notes.
In this year’s annual shareholder letter, Berkshire Hathaway (BRK.B) CEO Warren Buffett discussed the possibility of an “elephant-sized acquisition."
The offerings are expected to generate about $652.2 million in net proceeds for Occidental Petroleum, which just acquired Anadarko Petroleum last month in a $55 billion deal.
(Bloomberg) -- Blackstone Group Inc. and Apollo Global Management Inc. are interested in bidding for a majority stake in Western Midstream Partners LP being sold by Occidental Petroleum Corp., according to people familiar with the matter.Global Infrastructure Partners and KKR & Co. are also interested, said the people, who asked to not be identified because the matter isn’t public. Apollo is considering investing in the oil and gas pipeline operator through Spartan Energy Acquisition Corp., a special purpose acquisition vehicle it backs, the people said.A deal could be reached by the end of this year, they said. Nothing has been finalized and Occidental could opt to keep full ownership of the company, they said.Representatives for Blackstone, Apollo, Global Infrastructure Partners and KKR declined to comment. Representatives for Occidental, Western Midstream and Spartan didn’t respond to requests for comment.Western Midstream fell 1% to $26.54 at 12:09 p.m. in New York trading Thursday, for a market value of $12 billion.Western Midstream, based in the Woodlands, Texas, has more than 15,200 miles of oil and gas pipelines and about six dozen processing and treatment facilities in the Midwestern U.S. and Texas, according to an investor presentation in May.Occidental Petroleum acquired a majority stake in the company via its purchase last month of Anadarko Petroleum Corp., which had formed the company to house its pipeline operations. The potential divestiture would help Occidental meet its goal of selling $10 billion to $15 billion in assets over the next two years to pay down debt.(Updates share price in fifth paragraph.)\--With assistance from Kevin Crowley.To contact the reporter on this story: Kiel Porter in Chicago at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew Monks, Simon CaseyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Traditional money managers are scouring the world for information to gain an edge as indexing takes over.
In the latest trading session, Occidental Petroleum (OXY) closed at $44.60, marking a -1.22% move from the previous day.
Occidental Petroleum Corporation today announced the expiration and final results of the offers to exchange any and all validly tendered and accepted notes of the 23 series of notes described in the table below for the new notes of a corresponding series to be issued by Occidental as described in the table below and cash and the related solicitation of consents being made by Occidental on behalf of ...
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Western Midstream Operating, LP and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Occidental Petroleum Corp plans to shift toward a carbon-neutral production model, it chief executive said on Thursday, but new U.S. laws are needed to support technologies designed to fight global warming. Occidental, which recently purchased oil producer Anadarko Petroleum in $38 billion deal, is advancing its use of technologies to capture carbon, and prevent the element from escaping into the atmosphere. To make this a reality on a large scale, though, legislative change is needed, Occidental CEO Vicki Hollub told nearly 200 investors, government leaders and carbon sequestration companies at an Oil and Gas Climate Initiative investments conference in Chicago.
(Bloomberg) -- A bloodbath in energy stocks is creating a rich opportunity for Big Oil to dominate America’s hottest shale play.Independent producers in the Permian Basin of Texas and New Mexico are trading much lower than when Chevron Corp. bid for Anadarko Petroleum Corp. in April. Royal Dutch Shell Plc and ConocoPhillips have expressed interest in bulking up in shale at the right price. Exxon Mobil Corp.’s chief said Wednesday his company is keeping a “watchful eye” on the Permian for potential deals.Oil’s drop to near $55 a barrel, from $75 in October, is putting pressure on shale producers at a time when investors are losing faith in an industry that has burned about $200 billion of cash in a decade. Despite record U.S. output, the S&P index of independent exploration and production companies is trading near its troughs of 2008 and 2015, when crude prices sank south of $35 a barrel. The producers are now worth just 4.5 times their earnings before certain items, compared with 9 times about a year ago.“It’s clear there are many E&Ps trading well below the Chevron valuation watermark from April,” said Michael Roomberg, who helps manage $4.4 billion at Miller/Howard Investments Inc. He expects “several additional deals over the next several quarters, and wouldn’t be surprised if the majors are involved.”Pioneer Natural Resources Co. or Concho Resources Inc., which have both struggled this year, would be a good fit for Exxon, while Shell may look at smaller players like WPX Energy Inc. and Cimarex Energy Co., according to Tudor, Pickering, Holt & Co.The collapse in valuations has been so severe that the biggest shale producers may also come into play. EOG Resources Inc. and Occidental Petroleum Corp. could also be targeted, Ben Cook, a portfolio manager at BP Capital in Dallas, said earlier this year. Activist investor Carl Icahn is pushing for a shakeup of the board at Occidental.After a slow start in shale, Exxon and Chevron have expanded in the Permian at prodigious rates over the past two years and now see onshore exploration in the U.S. as a key part of their global growth plans. They expect to more than double output to roughly 1 million barrels a day each by the early 2020s.The two heavyweights are betting their ability to fund enormous drilling programs and build associated infrastructure like pipelines and gas terminals means they won’t encounter the growing pains the independents are currently experiencing.“If there is the opportunity to acquire something that brings unique value to Exxon Mobil, we’ll be in a position to transact on that,” Exxon CEO Darren Woods said at a Barclays Plc conference Wednesday.But he’s willing to let potential targets struggle for some time to get a better price.“Time’s on our side to let that play itself out,” Woods said. “I think people need to recalibrate what they’re experiencing in that unconventional space, and that will have an impact on how people value companies.”Chevron will be “opportunistic” in making acquisitions, the company’s North America head Jeff Gustavson said at the same conference. Any deal would have to be a strategic fit and be good value, he said.BP Plc entered the fray a year ago, acquiring BHP Group Ltd.’s onshore oil and gas assets for $10.5 billion. In hindsight, the timing looks bad given the slump in shale valuations since then.Waiting for too long could be risky as well. On the day Chevron bid for Anadarko (which it ended up losing to Occidental Petroleum Corp.), major shale producers surged as much as 12% as investors bet on a buyout frenzy.So far, Exxon, Chevron and Shell are looking smart.Some shale producers are struggling to pay creditors, with Sanchez Energy Corp. and Halcon Resources Corp. recently filing for bankruptcy protection.The majors “are going to go out there and run these guys into bankruptcy,” Mark Rossano, CEO of C6 Capital Holdings, said on Bloomberg TV. “They’re going to look to pick up acreage at significant discounts.”(Corrects Pioneer’s Permian output in chart titled ‘Major Rivalry’ in story published Sept. 4)To contact the reporter on this story: Kevin Crowley in Houston at firstname.lastname@example.orgTo contact the editor responsible for this story: Simon Casey at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The credit ratings of a substantial number of energy companies in the Americas are currently near the "crossover zone," or the boundary between investment grade and speculative grade, Moody's Investors Service says in a new report. Only seven, however, are in the zone, with potential "rising stars" including US-based exploration and production firm, Anadarko Petroleum and potential "fallen angels" including the Mexican national oil company, PEMEX.