- Anadarko Petroleum Corp said on Monday it would negotiate with Occidental Petroleum Corp over its $38 billion cash-and-stock bid, after determining it could get a better deal than its agreed $33 billion sale to Chevron Corp.
“We hope Anadarko will proceed quickly to secure this superior transaction for its shareholders,” an Occidental spokeswoman said. Chevron is reluctant to pay more for Anadarko and does not want to be drawn into a bidding war, the sources said. Chevron also wants to see if Occidental will manage to ink a deal for Anadarko, and whether Occidental shareholders will support it, one of the sources said.
The two companies each control land adjacent to Anadarko’s properties and expect a deal will add deposits that can produce supplies for decades using low-cost drilling techniques. The acquisition of Anadarko would add nearly a quarter million acres to Occidental’s holdings in the Permian shale basin, and double its global oil and gas production to 1.4 million barrels of oil equivalent per day.
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