Occidental Says Anadarko's Fleet of Corporate Jets Has Got to Go
(Bloomberg) -- Anadarko Petroleum Corp.’s fleet of corporate jets is high on Occidental Petroleum Corp.’s list of things to sell if its takeover bid for the shale explorer succeeds.
Occidental executives racked up more than 11,000 miles (17,700 kilometers) on the corporate jet in the past two weeks hopscotching between Houston, Paris and Omaha, Nebraska, to line up support for its $38 billion buyout. Even so, Anadarko’s four-plane fleet may be a tad excessive.
“We don’t think we need all of those, and we can reduce that along with obviously people in duplicate offices and real estate,” Occidental Chief Financial Officer Cedric Burgher told analysts during a conference call on Monday.
Occidental is targeting more than billions of dollars in annual cost savings if it trumps Chevron Corp.’s already-agreed to deal to buy Anadarko. Occidental’s Gulfstream V was spotted on flight-tracking data landing in Omaha just days before the company announced a $10 billion investment from Warren Buffett’s Berkshire Hathaway Inc. A flight to Paris foreshadowed Sunday’s announcement that Total SA agreed to buy Anadarko’s African assets from Occidental post-deal.
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