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Just in: Oxy completes $38B acquisition of Anadarko to close mega deal
6:22 CAT | 08 Aug 2019
File photo: Anadarko, Rovuma Basin, Mozambique
Occidental Petroleum completed its roughly $38 billion acquisition of Anadarko Petroleum on Thursday in a mega deal that combines two of the largest oil producers based out of the Houston area.
The deal was finalized shortly after 99 percent of the voting Anadarko shares approved the deal. The Woodlands-based Anadarko, including its nearly 5,000 employees, are now part of Houston’s Occidental.
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Oxy’s addition of Anadarko’s crown jewel acreage in West Texas solidifies Oxy’s standing as the booming Permian Basin’s largest producer over fast-growing Big Oil majors like Chevron and Exxon Mobil.
Questions now remain about what Oxy will do with its multiple headquarters in Houston and The Woodlands. How many of the nearly 2,000 Anadarko workers in The Woodlands will be retained by Occidental? Anadarko was Montgomery County’s largest private employer.
“With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” said Oxy Chief Executive Vicki Hollub.
By Jordan Blum
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Source: Houston Chronicle
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