Occidental CEO Says First Anadarko Offer Was in January 2018

(Bloomberg) -- Occidental Petroleum Corp. Chief Executive Officer Vicki Hollub said the oil producer’s $38 billion offer for Anadarko Petroleum Corp. is the same one it made in January of last year.

“We’ve felt very strongly as we’ve looked at Anadarko over the past couple of years that they have incredible assets,” she said in a Bloomberg Television interview. “What we saw with Anadarko is great assets, but the opportunity to improve their development in the Permian and DJ” oil basins.

Occidental went public on Wednesday with its $76-per-share offer that tops the $65 Chevron Corp. agreed to pay on April 12. In a letter to Anadarko’s board, Hollub said her company has made three bids since late March.

“Size is not what we’re going after, it’s really value,” she said in the interview. “There are some producers in the Permian where it would be really difficult to pay the purchase price and get any synergies at all.”

Related stories:
Occidental Makes Anadarko Bid, Seeks to Derail Chevron Deal 
Occidental to Expand Permian Footprint With Anadarko: TOPLive
Chevron Bidding War Rare in Industry That ‘Does Not Do Hostile’ 
Occidental Shares Could See Time in ‘Penalty Box’: Street Wrap 
Occidental’s Anadarko Bid ‘Is a Very Bad Idea,’ Mizuho Says

©2019 Bloomberg L.P.