HOUSTON — Occidental Petroleum unveiled an audacious billion takeover bid for Anadarko Petroleum on Wednesday, challenging Chevron — a company four times its size — in a battle for dominance of the biggest and most productive oil field in the United States.
This is the Houston-based company’s fourth bid for Anadarko in two years, but the first since Anadarko and Chevron entered a deal this month. This newest offer could set off a bidding war for Anadarko’s oil and gas assets that range from West Texas’ giant Permian Basin to deepwater oil wells in the Gulf of Mexico to a large natural-gas export project in Mozambique.
The offer attracted immediate skepticism from Wall Street analysts as Occidental’s shares declined. But Vicki Hollub, Occidental’s chief executive, said in an interview that she was committed to the battle and urged Anadarko shareholders to back the new bid.
“I believe the Anadarko shareholders will love this offer and give feedback” to the company’s board, Ms. Hollub said. “We believe that will make a difference.”
Anadarko said in a statement that its board would “carefully review Occidental’s proposal.” A Chevron spokesman, Kent Robertson, said, “We are confident the transaction agreed to by Chevron and Anadarko will be completed.”
Occidental offered to pay per share in cash and stock, about 17 percent more than what Chevron agreed to pay for Anadarko. Occidental said that with the assumption of Anadarko’s debt, the offer was worth billion, 20 percent more than the Chevron deal.
But perhaps most important, Ms. Hollub said, is Occidental’s track record for efficient production of shale and the accessibility of Anadarko’s shale acreage in the Permian Basin to Occidental’s systems for gathering natural gas and oil and its water-handling operations. Occidental is the industry leader in coaxing oil out of older wells with injections of carbon dioxide.
“We can optimize their wells,” she said.
At stake is which company will achieve the commanding position in the Permian, which stretches across West Texas into New Mexico, and recently surpassed Saudi Arabia’s Ghawar field as the world’s most productive oil field. More than a dozen oil and gas pipelines serving the Permian are expected to be completed by the middle of 2020, potentially quadrupling oil exports from the Gulf of Mexico to eight million barrels a day.
Roughly a third of all American oil production comes from the basin — the reason Chevron, Exxon Mobil, Royal Dutch Shell and BP have made it a focus of investment over the last five years. Shell is likely to make a major acquisition in the coming months, according to energy analysts.
Chevron and Occidental are already among the premier producers in the field, while Anadarko has identified 10,000 drilling locations on its land. Anadarko wells are close or even contiguous to parcels controlled by Chevron and Occidental.
But the battle between Chevron and Occidental appeared to be a mismatch. Chevron is the second-largest American oil company after Exxon Mobil and the world’s 10th-largest producer of oil and gas. It has deep pockets, with new production coming on stream from the Permian, the Gulf of Mexico and Australia. When oil and gas prices fall, as they have in recent years, Chevron’s refineries and growing international gas business give the company steady revenues.
Occidental is a major American company, but in recent years it has shed assets in Colorado, Kansas, North Dakota, Bahrain, Iraq and Yemen. It is far less diversified than Chevron, operating no refineries or export facilities for liquefied natural gas.
Both companies have experience in managing large, expensive projects like Anadarko’s emerging export terminal in Mozambique for liquefied natural gas. And Occidental has long operated in politically unstable countries, so it might be willing to keep Anadarko’s Algeria and Ghana operations, which Chevron might well shed.
The new offer raises the stakes in what would be the biggest takeover in the global oil industry in three years.
It has been a long time since there was a bidding war between major oil companies. Over the last 15 years, the industry’s three biggest mergers — ConocoPhillips and Burlington, Exxon Mobil and XTO, and Royal Dutch Shell and BG — were agreed upon without a fight.
Perhaps the most memorable battle in modern times was Texaco’s billion takeover of Getty Oil in 1984, in which it defeated Pennzoil, but filed for bankruptcy three years later amid a legal battle over the deal.
In taking its fight directly to Anadarko’s shareholders, Occidental is hoping to make the case that the Chevron deal shortchanged them. Instead, Occidental appeared to upset its own investors. But after a steeper decline when its bid was unveiled, its shares were down less than 1 percent by the end of trading on Wednesday.
Chevron shares also fell, by 3 percent, as it appeared that the California-based company might have to pay more to close a deal. Anadarko shares soared by 11 percent.
“We think the bid is a very bad idea,” Paul Sankey, an analyst with Mizuho Securities USA, wrote in a note to clients. “So does pretty much absolutely everyone we talk to.”
Many in the industry expect a bidding war to follow, though only a few other oil companies — like Exxon Mobil and Royal Dutch Shell — could afford to compete with Chevron and Occidental.
Chevron is the more logical owner of a natural-gas producer like Anadarko, and could afford to raise its bid by about a share, Biraj Borkhataria, an analyst at RBC Capital Markets, wrote in a note to clients.
Several analysts said it was hard to see how Occidental could afford to stay in a long fight. The company had about billion in cash and equivalents as of Dec. 31 and a market capitalization of billion; by contrast, Chevron had .3 billion in cash and equivalents and a market value of about 6 billion.
Leo Mariani, an analyst at KeyBanc Capital Markets, wrote that a bidding war “is not in the best interest” of Occidental shareholders.
Oil prices were down almost 1 percent on Wednesday, with West Texas intermediate crude, the American benchmark, at .79. They had risen in recent days after the United States said it would move to stop all nations from buying Iranian oil, ending exemptions granted to five countries.
Occidental had previously made a higher bid than Chevron, but Anadarko’s board decided Chevron was a better fit because of its size and international clout.
Ms. Hollub wrote in a letter to Anadarko’s directors that she was “surprised and disappointed” that their company had snubbed three previous takeover proposals, while accepting a lower-priced one from Chevron.
Should Occidental succeed, Anadarko would owe Chevron a billion breakup fee. Ms. Hollub wrote that was “unfortunate,” given that Anadarko agreed to the Chevron deal “without even picking up the phone to speak to us.”
In an interview, she said the company would be ready to sell billion to billion in assets after a takeover. She would not specify what it would sell but said, “We have already gotten calls.”
Occidental is being advised by Bank of America, Citigroup and the law firm Cravath, Swaine & Moore.B:
2015年130期跑狗图“【只】【可】【惜】【无】【论】【是】【双】【鱼】【座】【还】【是】【仙】【女】【座】【都】【是】【公】【开】【的】【秘】【密】，【因】【为】【这】【个】【星】【海】【湾】【广】【场】【的】【宇】【宙】【星】【空】【图】【本】【来】【就】【是】【按】【照】【真】【实】【的】【宇】【宙】【星】【空】【而】【设】【计】【的】。”【我】【说】。 “【所】【以】，【那】【个】【真】【正】【的】【秘】【密】【到】【底】【是】【什】【么】【呢】?”【小】【姝】【姐】【姐】【说】，“【凤】【凰】【妹】【妹】，【关】【键】【的】【是】【这】【是】【一】【个】【与】【未】【来】【有】【关】【的】【秘】【密】，【也】【许】【只】【有】【你】【这】【样】【的】【小】【仙】【女】【才】【能】【参】【透】【其】【中】【的】【秘】【密】【吧】。” “【小】
【手】【雷】【在】【杜】【一】【一】【身】【后】【轰】【然】【爆】【炸】，【炸】【开】【的】【一】【部】【分】【碎】【片】【顺】【着】【房】【间】【飞】【溅】【到】【杜】【一】【一】【身】【上】。 【杜】【一】【一】【本】【能】【地】【一】【抱】【头】，【感】【觉】【到】【碎】【片】【落】【在】【身】【上】，【忽】【的】【心】【里】【一】【喜】。【他】【感】【觉】【到】【弹】【片】【的】【冲】【击】，【但】【弹】【片】【并】【没】【有】【钻】【到】【他】【的】【身】【体】【内】。 【只】【这】【爆】【炸】【瞬】【间】，【走】【廊】【内】【就】【传】【来】【急】【促】【的】【脚】【步】【声】，【杜】【一】【一】【噌】【地】【站】【起】【来】，【正】【看】【到】【一】【个】【黑】【影】【通】【过】【门】【口】。 【不】【能】【让】【他】【们】
【说】【到】【这】【里】，【一】【时】【间】【办】【公】【室】【里】【的】【气】【氛】【沉】【默】【且】【压】【抑】，【毕】【竟】【对】【他】【们】【而】【言】【并】【不】【是】【什】【么】【好】【事】。 “【如】【果】【我】【们】【都】【死】【了】。”【景】【跃】【咽】【了】【咽】【口】【水】，“【是】【不】【是】【代】【表】【人】【类】【再】【也】【不】【能】【成】【为】【强】【者】。” “【看】【怎】【么】【定】【义】【强】【者】【了】。”【顾】【真】【懿】【脸】【上】【的】【笑】【容】【不】【变】，“【在】【场】【的】【人】【对】【我】【而】【言】【都】【不】【算】【强】，【虽】【然】【也】【不】【能】【说】【是】【弱】【了】。”【看】【着】【景】【跃】【诧】【异】【的】【视】【线】，“【之】【前】【还】
“【带】【你】【们】【出】【去】！” 【听】【到】【吕】【岳】【把】【算】【盘】【打】【到】【自】【己】【身】【上】，【孙】【浩】【倒】【是】【没】【惊】【讶】，【更】【没】【拒】【绝】，【只】【是】【他】【却】【要】【在】【离】【开】【正】【魔】【战】【场】【之】【前】，【要】【吕】【岳】【帮】【他】【一】【个】【忙】【再】【出】【去】。 “【这】【正】【魔】【战】【场】【完】【全】【就】【是】【厮】【杀】【场】，【有】【什】【么】【忙】！”【吕】【岳】【十】【分】【纳】【闷】【道】。 “【要】【的】【就】【是】【厮】【杀】【场】，【要】【知】【道】【不】【管】【那】【个】【世】【界】，【可】【都】【有】【一】【些】【自】【命】【不】【凡】【的】【讨】【厌】【鬼】！”【孙】【浩】【冷】【笑】【两】【声】，2015年130期跑狗图【听】【到】【廷】【尉】【老】【爷】【问】【他】，【那】【显】【父】【抬】【起】【头】【望】【了】【一】【眼】【泸】【溪】【头】【人】【后】【点】【了】【点】【头】，【然】【后】【又】【低】【下】【了】【头】。 【杨】【啸】【又】【问】【道】：“【这】【个】【配】【方】【一】【定】【是】【你】【自】【己】【发】【明】【的】【吧】？”【显】【父】【很】【快】【又】【点】【头】。 【杨】【啸】【接】【着】【问】：“【这】【个】【陶】【器】，【客】【商】【是】【不】【是】【都】【很】【喜】【欢】？” 【那】【泸】【溪】【头】【人】【抢】【着】【答】【道】：“【太】【喜】【欢】【了】，【那】【绿】【晶】【莹】【陶】【器】【在】【夜】【里】【会】【发】【出】【绿】【莹】【莹】【的】【光】，【煞】【是】【好】【看】，【客】
【隔】【天】【任】【月】【醒】【来】，【起】【身】【摸】【了】【摸】【自】【己】【的】【头】【发】，【还】【有】【些】【发】【蒙】。【转】【头】【看】【了】【一】【下】【身】【边】【的】【豆】【豆】，【还】【在】【熟】【睡】【中】，【没】【有】【吵】【醒】【他】【就】【好】。 【任】【月】【看】【了】【看】【窗】【外】，【天】【还】【微】【微】【亮】，【现】【在】【去】【洗】【漱】【一】【下】【去】【给】【豆】【豆】【准】【备】【早】【餐】。 【刚】【打】【算】【去】【穿】【鞋】，【任】【月】【就】【看】【到】【睡】【地】【铺】【的】【白】【修】。【不】【对】，【现】【在】【应】【该】【是】【千】【斯】【才】【对】。【他】【用】【手】【枕】【着】【头】，【睡】【着】【还】【皱】【着】【眉】【头】，【感】【觉】【像】【是】【梦】【到】
“【你】【也】【是】【大】【学】【生】，”【席】【晨】【感】【慨】：“【能】【上】【大】【学】【都】【好】【厉】【害】。” “【你】【退】【役】【了】【不】【想】【去】【念】【大】【学】【吗】？”【青】【青】【问】。 “【我】【考】【不】【上】，”【席】【晨】【小】【声】【说】：“【我】【小】【学】【都】【没】【念】【完】，【哪】【有】【本】【事】【去】【大】【学】。” 【青】【青】【听】【着】【这】【句】【话】，【忽】【然】【停】【住】【脚】【步】。 【席】【晨】【回】【头】【看】【她】：“【怎】【么】【了】？” 【青】【青】【踟】【蹰】【着】，【犹】【豫】【半】【天】，【低】【声】【说】：“【等】【你】【打】【完】【比】【赛】，【拿】【了】
【董】【老】【略】【一】【琢】【磨】，【笑】【了】：“【你】【这】【是】【为】【了】【你】【的】【小】【舅】【子】【求】***？【许】【关】【林】【这】【两】【年】【干】【得】【不】【错】！” 【王】【易】【也】【笑】【了】：“【卿】【音】【就】【这】【么】【一】【个】【大】【哥】，【我】【当】【然】【希】【望】【能】【尽】【可】【能】【地】【帮】【上】【他】。【他】【就】【算】【是】【不】【上】【前】【线】，【但】【他】【手】【下】【的】【兵】【也】【要】【上】【前】【线】，【能】【多】【点】【防】【身】【的】【手】【段】，【保】【护】【生】【命】，【更】【有】【助】【于】【他】【竖】【立】【威】【信】。” “【现】【在】【征】【兵】【难】，【愿】【意】【做】【警】【察】【的】【人】【也】【少】，【主】