70.80 +0.30 (0.43%)
Pre-Market: 9:10AM EDT
|Bid||0.00 x 3200|
|Ask||70.70 x 800|
|Day's Range||70.25 - 70.82|
|52 Week Range||40.40 - 76.70|
|Beta (3Y Monthly)||1.75|
|PE Ratio (TTM)||74.20|
|Forward Dividend & Yield||1.20 (1.70%)|
|1y Target Est||N/A|
Futures for the Dow Jones Industrial Average turn lower after a report of a new flaw with Boeing Co.’s troubled 737 MAX jet fleet and as investors digest reports that China is setting terms for Sino-American trade negotiations to resume.
Icahn is seeking to replace four Occidental directors. He believes that the board mismanaged its $38 billion deal to buy Anadarko Petroleum. He also said that the company’s pending deal implies a lack of “effective corporate governance” and is seeking to change the company’s charter to prevent it from doing a similar takeover again.
Billionaire investor Carl Icahn on Wednesday ratcheted up his fight with Occidental Petroleum over its pending purchase of rival Anadarko Petroleum by calling for a special shareholder meeting where he hopes to win board seats. In a regulatory filing, Icahn said he planned to oust and replace four Occidental directors and change the company's charter through a stockholder consent solicitation to prevent it from ever engineering a similar takeover again. Responding to the filing, Occidental said it will review the latest materials filed by Icahn, and looks forward to addressing them in ongoing conversations with shareholders.
Chevron stock has moved with volatile oil prices amid geopolitical issues. But is it still worth buying? Find out what the expert analysis says
The master limited partnership completed a consolidation and a $4 billion drop-down deal earlier this year.
Anadarko Petroleum (APC) and partners has decided to go ahead with their $20 billion Mozambique LNG project, while Archrock (AROC) agreed to buy a gas compression assets-provider for $410 million.
(Bloomberg) -- Occidental Petroleum Corp. is seeking a buyer to take majority control of Western Midstream Partners LP, the pipeline operator that it’s poised to inherit through its takeover of Anadarko Petroleum Corp., according to people familiar with the matter.Occidental is working with a financial adviser to solicit offers for half of Anadarko’s interest in Western Midstream and Western Midstream’s general partner, or management entity, said the people, who asked to not be identified because the matter isn’t public.The potential buyer of those stakes would also seek to acquire the 45% of Western Midstream that is traded publicly, the people said. That would leave Occidental with a minority stake in Western Midstream, the people said, enabling it to keep financial and operational interest in infrastructure for getting its oil and gas to market.The stakes could draw interest from private equity firms and rival pipeline operators such as Oneok Inc., Enterprise Products Partners LP and Energy Transfer LP, one of the people said. No decision has been made and Occidental could opt to not proceed with a sale, they said.Representatives for Occidental, Anadarko and Enterprise Products declined to comment. Representatives for Oneok and Energy Transfer didn’t respond to requests for comment.Western Midstream rose 2.2% to close at $29.37 in New York trading Monday, giving The Woodlands, Texas-based company a market value of about $13.3 billion.Anadarko owns 55.5 percent of Western Midstream and all of its general partner, according to regulatory filings.Anadarko DealOccidental is poised to acquire Western Midstream after agreeing in May to buy Anadarko for $38 billion, a deal expected to close in the second half of 2019. Occidental has said it would be open to selling Western Midstream after outbidding Chevron Corp. for Anadarko.“We don’t really feel like we have to necessarily own infrastructure to take advantage of it,” Vicki Hollub, Occidental’s chief executive officer, said in a conference call with analysts on May 6. “We would be willing to consider the optimization, monetization, of that sooner rather than later depending on the potential buyer.”Western Midstream controls more than 15,200 miles of pipelines and about six dozen processing and treatment facilities in the Midwestern U.S. and Texas, according to an investor presentation in May. Anadarko formed the company and took it public in 2012 as a so-called master limited partnership, or entity that gets tax breaks in exchange for doling out most of its profits to investors.A potential sale could help Occidental meet its goal of selling $10 billion to $15 billion of assets to pay down debt over the next two years. The company has already agreed to sell Anadarko’s operations in Africa for $8.8 billion to Total SA.To contact the reporters on this story: Kiel Porter in Chicago at firstname.lastname@example.org;Rachel Adams-Heard in Houston at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, ;Simon Casey at email@example.com, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Morgan Stanley downgraded Occidental’s stock saying lower oil prices could force management to cut capital expenditures.
Disturbances in Iran intensified on Jun 13, when two oil tankers were set on fire in the Strait of Hormuz, for which the United States blamed Tehran.
Chevron CEO Mike Wirth explains when to abandon a deal after he walked away from a bidding war with Occidental to acquire Anadarko Petroleum.
Lower investments in oil exploration and production operations hamper demand for oilfield services of Schlumberger (SLB) since the firm helps drillers efficiently drill oil wells.
As the S&P 500 hits new high, we have presented a bunch of stocks that have easily led the way gaining more than 45%, and will continue to outperform heading into the second half.
The deepwater terminal will not only expand Phillips 66's (PSX) logistics business but will also compete with several other export facilities planning to dispatch domestic oil across the globe.
TechnipFMC (FTI) plans to carry out installation works for the Mozambique Golfinho/Atum development with its consortium partner, Van Oord.
Chevron Chairman and CEO Michael Wirth reveals why the company didn't make a second higher bid for Anadarko Petroleum Corporation.
Anadarko Petroleum's (APC) FID decision on Mozambique's first onshore LNG facility will boost economic development of the African nation.
U.S. energy firm Anadarko Petroleum Corp on Tuesday gave the go-ahead for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa. The announcement, which occurred at an event in Mozambique, was widely expected after Anadarko last month flagged the decision date. "As the world increasingly seeks cleaner forms of energy, the Anadarko-led Area 1 Mozambique LNG project is ideally located to meet growing demand, particularly in expanding Asian and European markets," Chief Executive Officer Al Walker said in a statement.