Once a rising star of the oil industry, the Houston-based company lurches from one crisis to another having lost nearly 60% of its value since the start of 2020.
point to new high-yield debt issuance via five-, seven- and 10-year unsecured notes to fund its repurchase offer and refinance existing debt. Doubt that's a panacea for excesses in the boom times.
All the while, OXY's bungling has attracted the ire of activist investor Carl Icahn who raised his stake to 10% in the company, and repeatedly called for Hollub and OXY's senior management to be sacked in March. Ultimately, peace was made by allowing Icahn to add three ofUnderscoring the company's plight is its value destruction on an unprecedented scale. When Hollub's aggressive intent for Anadarko became apparent , OXY's stock was averaging just north of $65.
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