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Oxy CFO Takes Conference Attendees Behind the Curtain on Anadarko Deal


Industry Segment: Production | Word Count: 763 Words
Attachment: Oxy's Improving Production

SUGAR LAND, TEXAS--August 14, 2019--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--There's an old saying in the Oil & Gas industry: You can drill for oil in the field or on Wall Street. On Monday, Cedrick Burgher, chief financial officer at Occidental Petroleum Corporation (NYSE:OXY) (Oxy) (Houston, Texas), told about 2,000 industry participants at a conference in Denver, Colorado, how his company acquired 10 billion barrels of oil equivalent (boe) for about $2 per barrel when it acquired Anadarko Petroleum Corporation (Houston). In its 23-month pursuit of Anadarko, which closed on August 8, Oxy topped offers from Chevron Corporation (NYSE:CVX) (San Ramon, California). The transaction was valued at $55 billion including assumption of Anadarko's debt.

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