Occidental Continues its Sell Off of Anadarko Assets in its Goal to $15 Billion
On August 8th, Houston-based Occidental Petroleum Corp. closed a deal for $55 billion to acquire Anadarko Petroleum Corp. Occidental now plans to sell $10 billion to $15 billion worth of assets.
Some of this is old news, when the acquisition was announced in May, Occidental also announced that Total (Paris) would acquire Anadarko’s Algeria, Ghana, Mozambique and South Africa assets for $8.8 billion. Earlier this month, Occidental announced its plan to sell Plains All American Pipeline LP and its general partner in two public offerings expected to generate about $650 million.
Occidental said yesterday is a release that it remains on track to meet its goal of $10 billion to $15 billion of planned asset sales and "remains confident in its deleveraging strategy."
“We have made progress quickly on our post-acquisition divestiture and deleveraging goals and remain confident in our ability to realize the full value of the Anadarko acquisition for our shareholders,” Vicki Hollub, president and CEO of Occidental, said in the release. “Upon completion of our recent initiatives, we will have reached approximately $10 billion of our targeted divestitures with more to follow.”