Today is his last day at BH, if it wasn’t for him Oxy would have been bought a long time ago.
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Chevron kept the explorer ethos from Hess. They are aware that they have lost a step in that arena. APC for all of its failings was at its foundation an exploration company. Chevron knew that and was prepared to pay for it.
@f4 you’re dreaming if you thought Chevron would have been good for APC. Look at what they are doing now to their employees and the Hess deal is a mess for any Hess employees left!
Oxy didn't spend the money to acquire the DJ basin. Always nice to be surprised isn't it. My comment was which company was the better fit. I still stand that Chevron was better.
@f4 wrong… the Rockies especially the DJ basin has been a cash cow for OXY. Best returns of any OXY assets.
APC was a better fit with Chevron. They wanted the assets and I'm sure that staff would have been retained. All Oxy wanted was the Permian properties, they sold all they could and were forced to keep the GOM and Algeria.
I agree with the OP. Oxy would have been bought without the APC purchase and debt. It never happens without to 10 billion from WB. It has been a tough road for a few years, but at least we kept our jobs. Chevron would of let go most of the APC folks if they had of got us.
ANC?
sh-t,
Have you got it wrong. If it wasn't for the purchase of ANC this company would be thriving and both the stock price and dividend would be higher than it is now. WB did this company and all of our faithful employees a disservice. BH is likely not too happy with him now.