Occidental Petroleum counters Chevron with new $57 billion bid for Anadarko

西部石油公司(Occidental Petroleum)以570亿美元收买阿纳达科(Anadarko),与雪佛龙竞赛。


Bidding war focused on Anadarko's Permian Basin assets


Both proposed deals said to offer synergies


London — A bidding war be狗叫,赤道-林芝桃花节开幕式,林芝景色tween Occidental Petroleum and Chevron to buy rival Anadarko could be the first sign that a wave of consolidation is going to sweep over oil and gas producers in the Permian Basin.


Houston-based Occidental Petroleum made a new $57 billion offer for Anadarko Wednesday.

总部坐落休斯顿的西部石油公司(Occidental Petroleum)周三向阿纳达科(Anadarko)提出了570亿美元的新报价。

Occidental said that if Anadarko accepts its bid, "The combined company will be uniquely positioned to leverage Occidental's demonstrated operational and technical expertise, producing greater anticipated synergies than Anadarko's pending transaction."


Analysts have portrayed the planned purchase by Chevron as driven by possible synergies in 崔喜坤upstream production in the苹果以旧换新 US, both onshore and offshore, as California-based Chevron retrenches to home turf. Any deal has implications around the world, however, including for Anadarko's LNG development plans offshore Mozambique.


The lates豆腐的做法t bid, at $76/share, carries the same price tag as a previous offer by Occidental on April 11, but increases the proportion of cash Occidental is prepared to pay, from 40% to 50%.


"The 50-50 cash and stock transaction is valued at $57 billion, based on Occidental's closing price on April 23, 2019, including the assumption of net debt and book value of non-controlling interest," Occidental said in a statement.

西部石油在一份声明中标明:“依据西部石油 2019年4月23日的收盘价,包含假定净债款和非控股权益的账面价值,50:50现金和股票买卖价值为570亿美元。”

Chevron's bid, accepted by Anadarko on April 12, would put the California-based major within touching distance of ExxonMobil on metrics such as upstream production volumes.


In a statement Wednesday, Anadarko acknowledged it had received Occidental's bid and said its board of directors would review the proposa狗叫,赤道-林芝桃花节开幕式,林芝景色l to determine if it is in the best interest of the its stockholders.


"The Anadarko board has not made any determination as to whether Occidental's proposal constitutes, or could reasonably be expected to result in, a superior proposa杨增和l under the terms of the Chevron merger agreement," the statement said.




In a conference call with analysts Wednesday, Oxy's CEO Vicki Hollub said the proposed acquisition would create greater synergies than the proposed Chevron deal, particularly in the Permian狗叫,赤道-林芝桃花节开幕式,林芝景色 and other US oil and gas basins.

在周三与剖析师的电话会议上,西部石油的首席执行官Vicki Hollub标明,拟议中的收买将比拟议中的雪佛龙买卖产狗叫,赤道-林芝桃花节开幕式,林芝景色生更大的协同效应,尤其是在二叠纪和其他美熟成蘑菇国油气盆地。

The acquisition would extend Oxy's current position as the largest producer in the Permian with a combined net 533,000 barrels of oil equivalent per day of production, she said.


"Occidental is known for being a leader in Permian shale and [enhanced oil recovery] as well as internationally," she said. "In combination wit小儿七星茶h Anadarko, we will also be the number one producer in the DJ Basin, the number one producer in the Uinta Basin, and the number one independent producer in Oman."


In addition, the deal would create one of the biggest oil and gas producers in the Gulf of Mexico as well as enhancing Oxy's existing businesses in chemicals an狗叫,赤道-林芝桃花节开幕式,林芝景色d the midstream and internationally in Oman, the UAE and Colombia.


Post-merger, 60% of the combined company's total production would be oil. Oxy expects 唐朝小闲人the combined company to produce about 1.4 million boe/d with a relatively even geographic split among the Permian, other US regions and international assets, Hollub said.


Comparing the proposed Oxy/Anadarko merger with the earlier ann夜夜酱ounced Chevron deal in terms of production-related synergies, S&P Global Platts Analytics found that both proposed deals have aspects to recommend them.

规范普尔全球渠道剖析公司(S&P Global Platts Analytics)比较了西部石油/Anadarko收买提议与雪佛龙新近宣告的买卖在出产相关协同效应方面的差异,发现这两个提议的买卖都有值得引荐的方面。

Though Oxy is a pioneer in EOR in the Permian, they produce roughly the same volume of shale oil as Chevron, according to Platts Analytics production data. In terms of the respective deals creating synergies by combining acreage, contiguous acreage benefits look roughly the same between the two, according to Platts Analytics.




While both Oxy and Chevron are strong Permian players, Oxy is the leading producer in the use of CO2 floods in the basin. However, according to Platts Analytics, there is not much, if any, synergies between 故土的原景色the C02 floods a请假条模板nd Anadarko acreage in the b子宫切除有什么影响asin, which is primarily shale.


When it comes to the Gulf of Mexico, Platts Analytics notes that Chevron is stronger than Oxy and therefore would have more synergies with Anadarko.


The question of whether Oxy or Chevron would ultimately win the bidding war for Anadarko is still very much up in the air, according to analysts familiar with the companies.


"The fact that there is a bidding war, this is unheard of in this industry. We are in uncharted waters," Raymond James analyst Pavel Molchanov said in an interview Wednesday. He pointed out that Anadarko already has rebuffed Oxy's earlier bid, even though the Chevron deal it accepted was less generous.

“现实上,有一场招标战,这在这个职业是闻所未闻的。雷蒙德詹姆斯(Raymond James)的剖析师帕维尔莫尔查诺夫(Pavel Molchanov)周三承受采访时说:“咱们面临着不知道的窘境。兴文天气预报”他指出,阿纳达科现已拒绝了西部石油之前的出价,尽管它承受的雪佛龙买卖不那么大方。

"That fact that Anadarko chose Chevron's bid indicates that it was not purely a matter of who's offering more mone狗叫,赤道-林芝桃花节开幕式,林芝景色y. There were some intangible factors at work, Molchanov said.


However, KeyBanc Capital Markets analyst Leo Mariani said Oxy's higher bid for Anadarko, which offers a 炒牛肉premium of about 20% to Chevron's bid, likely would prove the deciding factor.

但是,keybanc资本市场剖析师利奥马里亚尼(leo mariani)标明,西部石油对阿纳达科(anadarko)的更高出价或许会成为决议要素。阿纳达科的出价比雪佛龙的出价高出约20%。

"This is a significant premium to what Chevron offered. The best interests of shareholders would be to take the much higher bid," Mariani said in an interview.


Anadarko confirms Occidental's $57B bid


Oil and gas producer Anadarko Petroleum Corp confirmed Occidental Petroleum Corp's $57 billion offer for the company that topped Chevron Corp's $50 billion bid and said it would carefully review the offer.

石油和天然气出产商阿纳母亲和孩子达科石油公司(Anadarko Petrol北欧神话eum Corp)证明了西方石油公司(Occidental Petroleum Corp)对该公司570亿美元的收买要约,超过了雪佛龙公司(Chevron Corp)500亿美元的收买要约,并标明将细心检查收买要约。

Occidental’s surprise $76-per-share proposal comes after the company had repeatedly said in recent weeks that it had been trying to woo Anadarko in an effort to become the largest producer of oil in west Texas’s Permian basin, where production has boomed in recent years.