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Big Oil Raises Debt To Ride Out Price Crash

As prices crashed, the supermajors…

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Friday, September 13, 2019

1. OXY’s free cash flow yield

- Morgan Stanley singled out Occidental Petroleum (NYSE: OXY) as a free cash flow growth story going forward, after assessing the company’s acquisition of Anadarko Petroleum.

- “Just one month after closing the acquisition of APC, planned integration, debt reduction via asset sales, and execution on synergies are all on track” Morgan Stanley said in a note.

- “Successful execution could underpin one of the more differentiated rates of change and free cash flow growth stories among large cap E&Ps and global majors,” the bank added.

- Occidental offers a “best in class 7% yield,” which could double to 14% by 2022, which could leave “ample room for incremental return of cash via dividend growth and buybacks,” Morgan Stanley said.

- The bank reiterated an equal-weight rating for now, but pointed out the positive upside.

2. Corn prices crashed over past month

- The U.S. and China have made some significant moves to tamp down tension regarding the trade war. China delayed some tariffs, and Trump responded with a two-week delay.

- Corn prices have crashed over the past month, after the last data release from the U.S. Department of Agriculture, which revealed more supply than expected.

- “The favourable growing conditions in recent weeks have helped corn plants develop, prompting many…






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