From Wood MacKenzie:
“The agreed sale price of US$750 million is significantly lower than TotalEnergies' US$2.5 billion offer to Oxy back in May 2019, before that deal fell through”.
Another brilliant deal.
7 replies (most recent on top)
Add that to the list of 'Great Company' moments that the fan boys on here continue to ignore. Best company ever.
Given the condition of the Ghana assets, the location, and the non-operating nature of the minority interests, $750MM was a fair price. We finally got that proverbial clunker out of our driveway and can focus on better things.
Do you mean that paying $64K an acreage of goat pasture in WTX wasn't a brilliant act of genious?
Is that you Vicki? The original deal with Total was $8.8B for Mozambique, Algeria and Ghana. Moz closed for $3.9B leaving $4.9B of value for Algeria and Ghana. The difference is selling for a lower price and whatever cash flow Ghana churned out over the last year.
Typical buy high, sell low. Oxy might sell the GOM for $3B next.
I thought the deal in 2019 was with Total for the Algeria area as well. If so taking Algeria out of the sale would explain the price difference.
I’m sure OP could do better. LMFAO
At $80+ oil price, this is all we could get???