Anadarko Petroleum Record Oil Sales Expected To Continue

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Occidental tops Chevron bid for Anadarko

Occidental Petroleum Corp. OXY offered to buy Anadarko Petroleum Corp. APC for $76 a share in cash and stock, topping the current offer for the company from Chevron Corp. CVX by about 20%. Occidental said it will pay Anadarko shareholders $38 in cash and 0.6094

Occidental shares per share, a 20% premium over the value of the pending transaction announced on April 23. The deal would be valued about $57 billion, based on Occidental’s closing rice as of April 23 and including debt and the book value of non-controlling interest.

“Occidental is a leader in using technological innovation to create value, and we will deploy our expertise to enhance the performance and productivity of Anadarko’s assets not only in the Permian, but globally, ” Chief Executive Vicki Hollub said in a statement.

The deal would be accretive to earnings from year one and would generate $3.5 billion in free cash flow improvements by 2021, according to Occidental.

Anadarko shares rose 9% premarket on the news, while Occidental shares fell 6%. Chevron was down 0.1%