Activist investor Carl Icahn exited a bet on Occidental Petroleum Corp., selling the last of what was once a roughly 10% stake in the oil-and-gas producer, the Wall Street Journal (WSJ) reported on March 6, citing a letter he sent to Occidental’s board.
Icahn, who had been cutting the position, in recent days sold the remainder of it, the report said, adding the activist investor’s two representatives on Occidental’s board are also resigning.
A representative for Icahn Enterprises confirmed the WSJ story but did not provide a copy of the letter to Reuters, citing confidentiality.
Icahn has been waging a bitter battle with Occidental’s board over its $38 billion acquisition of Anadarko Petroleum since 2019, calling it a misplaced bet based on expectations of higher oil prices.
Occidental Petroleum did not immediately respond to Reuters request for comment.
Recommended Reading
US Drillers Add Oil, Gas Rigs for First Time in Five Weeks
2024-04-19 - The oil and gas rig count, an early indicator of future output, rose by two to 619 in the week to April 19.
Strike Energy Updates 3D Seismic Acquisition in Perth Basin
2024-04-19 - Strike Energy completed its 3D seismic acquisition of Ocean Hill on schedule and under budget, the company said.
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.