Occidental Petroleum Completes Acquisition of Anadarko for $55 Billion
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Occidental Petroleum Corporation has completed its acquisition of Anadarko Petroleum Corporation in a transaction valued at $55 billion, including the assumption of Anadarko’s debt.
“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 Vicki Hollub, president and chief executive officer.
“We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our board and management team is on execution to achieve the promise of this exciting combination. We look forward to updating the market on our continued progress in the months ahead,” added Hollub.
About Occidental
Occidental is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment purchases, markets, gathers, processes, transports and stores hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls.
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