Anadarko battle heats up
Occidental’s hostile counter-bid throws a potential spanner in Chevron’s big Permian bet
It was not meant to be like this. When Chevron announced its $65/share, $50bn swoop on US independent Anadarko, most observers were congratulating the major on a good fit at an excellent price, while turning their attention to what Chevron's bold move meant for the remainder of its peer group. But another potential Anadarko suitor, its fellow US independent Occidental, is keen to spoil the party. On 24 April, its CEO Vicki Hollub sent a letter to the Anadarko board making public three previous bids and outlining another offer. Occidental's 50pc in cash, 50pc in shares deal values Anadarko at $76/share for an overall value of $57bn. But it is not as simple as Occidental's higher bid trumping

Also in this section
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
11 July 2025
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
10 July 2025
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030