Occidental Completes Anadarko Petroleum Acquisition

Rivals, Occidental and Anadarko Petroleum, had agreed to the transaction, valued at $55 billion (including debt), in May following a bidding war with Chevron.

Occidental Completes Anadarko Petroleum Acquisition

The closing of the transaction required approval by Anadarko’s shareholders, who voted overwhelmingly in support of the sale to Occidental Petroleum. (Source: Anadarko Petroleum Corp./Shutterstock.com)

Occidental Petroleum Corp. completed its acquisition of rival Anadarko Petroleum Corp. after Anadarko shareholders on Aug. 8 voted overwhelmingly in support of the sale.

The companies had agreed to the transaction, valued at $55 billion (including debt), in May following a bidding war with Chevron Corp., which had initially offered $48 billion in its bid to buy Anadarko.

The acquisition of Anadarko adds a portfolio of international assets, including a prime position in the Permian Basin, to Occidental’s footprint. Occidental CEO Vicki Hollub expects to deliver at least $3.5 billion annually in cost and capital spending synergies from the combination, she said in a company press release.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.