Occidental Petroleum: Getting Ready To Slug It Out With Carl Icahn

Seeking Alpha | Jan 14, 2020 at 2:54 AM
  • In the second quarter of 2019, Occidental Petroleum (OXY) set off a firestorm in the marketplace with its competing bid for Anadarko Petroleum, upping the Chevron (CVX) offer by a good bit.
  • Upon APC’s confirmation that it would go with the OXY bid, OXY’s stock started a downward descent from the mid-$60s to the upper $30s.
  • And, then in Q-3 – the first full quarter after the closing of the deal -OXY, where it missed on most metrics, backed off planned growth rates for the combined companies, forecasting production growth of just 2% vs. the 5% promised in the sales pitch for the deal.