• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 11 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 16 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 10 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 11 days Goldman Betting on Cryptocurrencies
  • 14 days Сryptocurrency predictions
When Will Geothermal Energy Go Mainstream?

When Will Geothermal Energy Go Mainstream?

In November, the automaker Renault…

Putin Tells Scholz More Ukraine Energy Strikes 'Inevitable'

Putin Tells Scholz More Ukraine Energy Strikes 'Inevitable'

President Vladimir Putin confirmed that…

Buffett To Back Occidental With $10B In Bidding War For Anadarko

Warren Buffett’s Berkshire Hathaway has committed to invest US$10 billion in equity in Occidental Petroleum if Occidental completes its proposed acquisition of Anadarko, Occidental said on Tuesday, a day after Anadarko said that it would resume talks with Occidental despite having agreed to a deal with Chevron.

Contingent upon Occidental completing the acquisition of Anadarko, Berkshire Hathaway will receive 100,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of US$100,000 per share, together with a warrant to purchase up to 80.0 million shares of Occidental common stock at an exercise price of US$62.50 per share, Occidental said.

“We have long believed that Occidental is uniquely positioned to generate compelling value from Anadarko’s highly complementary asset portfolio. We are thrilled to have Berkshire Hathaway’s financial support of this exciting opportunity,” Occidental’s president and CEO Vicki Hollub said.

On Monday, Anadarko said that it plans to resume negotiations with Occidental after Occidental announced last week a proposal to buy Anadarko at a higher price than Anadarko had agreed in a deal with Chevron announced earlier this month.

While negotiations are being held, the Chevron Merger Agreement “remains in effect and accordingly the Anadarko board reaffirms its existing recommendation of the transaction with Chevron at this time,” Anadarko said yesterday, noting that there is no guarantee that the talks would necessarily result in a superior transaction than the one pending with Chevron.

Chevron said on April 12 that it had entered into a definitive agreement to buy Anadarko in a stock and cash transaction valued at US$33 billion that would boost Chevron’s position in the Permian, the Gulf of Mexico, and in liquefied natural gas (LNG).

On April 24, Occidental Petroleum said that it is proposing to buy Anadarko at a higher price than the one Anadarko had accepted from Chevron, opening a bidding war for one of the U.S. companies with the strongest positions in the Permian.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

 



Join the discussion | Back to homepage



Leave a comment
  • Victor Edwards on May 01 2019 said:
    But God warned such as you, sir, thusly:

    "But God said to him, ‘You fool! This very night your life will be required of you. Then who will own what you have accumulated?’ "
  • Brian Bresee on April 30 2019 said:
    With such heat to purchase an oil producer, it seems oil producing stocks are on the verge of going on a massive bull run, considering how relatively low the prices currently are for such stocks.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News