Tracking unusual corp jet itineraries has been a sport for more than 20 years. I can't believe VH was so stupid as to send the plane with the Oxy number on the tail to such obvious places - Omaha, Paris, Holland. What an amateur. It takes five minutes to book the same flight on a net jet or even fly first class with a commercial carrier. So stupid.
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If APC had sold out to CVX, the APC BOD and CEO would never see the outside of a courtroom for the rest of their lives. APC padded the execs golden parachutes, including age requirements DAY BEFORE They accepted CVX’s bid which included more executive benefits including taxes paid on their exit packages. OXY’s offer didn’t have such padding. CVX realized with corporate ethics issues being brought out didn’t want to take on additional risks. OXY’s exec mgmt has been transparent, and VH rightfully so made the bid public after APC willfully ignored her for over a year.
RAW is a former investment banker, so the sale of APC was always his long term means to achieve his long-term goal (i.e., get rich). At least VH actually worked in the field so has some real sense as to how an O&G company should be run.
Plus to all that, it's been all about the shareholders.
The true reason of why RAW was brought in to APC is now clear: to sell the company. Much like why the doctor steps out and has a nurse give the shot, so the doctor isn't associated with the pain. Couple that with the lady who joined the board a couple years back who is known for slicing up companies to sell and you see that this has been the plan for a while. Nice transparency, APC. Way to keep people in the dark. Way to make the company attractive for sale. Good luck to you all.
Agree that creating the impression that you WILL win can cause resources to align and resistance to fall away. But transparency or secrecy were not the deciding factors. Speed was, and a higher bid. The Buffett investment didn't leak. The Total news did leak but didn't change anything as a result of leaking. The Shell news is unclear but it seems like Hollub is trying to mend a relationship that Anadarko bruised and wasn't outcome-impacting. Maybe Chevron was so thrown off guard by the series of slaps landed by Oxy that it couldn't get its bearings, but more likely they just knew their price and understood that Oxy had the financial capacity to outbid them. Hollub deserves praise for pulling together her resources deftly.
Meet you back here in a year, two years, 3, 4 and 5 and we can discuss whether Oxy is a winner.
What I've seen at other companies, including Anadarko, is that the CEO is rewarded for expanding its asset base. This leads to reckless expansion and too much debt and not pulling back when you should. So the CEO gets her/his rewards and the company eventually has to cut headcount, relinquish acreage all over the world, restructure/extend debt. Sometimes sell out.
Oxy admits that they don't have their heads around the upside benefits. They are grasping at straws they swear will bring some benefit out of this deal.
I didn't hear that kind of "oh sh--" subtext out of CVX.
The interesting aspect of this, is that after the first two trips were reported she kept on using the corporate jet for a Netherlands trip indicating that another Anadarko piece is sold to Shell.
It is obviously phycological warfare, effective on CVX capital discipline type guys. End result the gal with pair of three's pushes out of the pot the guy with pocket ace-king.
What good are your cards if you don't know how to play?
Nice to be led by actual leaders, hopefully I will make it by the time the dust settles.
That’s not a corporate jet screw up. Flying a conceited Wall Street Suit back and forth from California for years, now that’s a corporate jet screw up!
Nothing to hide in her camp! Transparency is her alias! That is how we make Anadarko treat her like an equal to Chevron. Anadarko was hiding her offer because she is a savvy woman.
Did it ever occur to you she did it on purpose?