Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billi...
HOUSTON - Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billion deal for Anadarko Petroleum Corp and defended the pricey terms she negotiated in a 90-minute session with billionaire investor Warren Buffett to secure the deal without seeking shareholder approval.
“We can operate this better than anybody else. We are the rightful owners,” Hollub said at the company’s annual general meeting. Several big holders have criticized Hollub’s decision to boost the cash portion of the $76-per-share offer to a point where a shareholder vote is no longer needed. Unless another suitor appears, the $38 billion, mostly cash deal would cement Occidental’s status as the largest oil producer in the Permian Basin, the top U.S. shale field. Occidental’s global production would double to 1.4 million barrels of oil and gas per day.
The deal’s financial and operating risks have soured some big Occidental holders including T. Rowe Price and Matrix Asset Management. “If you do this you have a strained balance sheet, period,” said Christian Ledoux, investment chief at Occidental shareholder South Texas Money Management.Hollub, who has sought to buy Anadarko for two years, proved her ability to sweep away hurdles when Anadarko’s board initially agreed to sell to Chevron at a lower price. “We were not about to let that happen,” Hollub said.
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