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Hey Oil Barons.......


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On 3/15/2019 at 3:41 PM, Llano Estacado said:

 


Sewing Circle LLC is getting acquired by Petro-conjecture. You didn’t hear that from me, but my bro over at Clucking Hen ServCo told me. He does a lot of work for them. A lot.

 

Can confirm that Gossip Securities has been mandated as the exclusive financial advisors to the seller.

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30 minutes ago, Llano Estacado said:

 


Go rep this man for calling it in March.

Contracted for both in the Gulf. Own stock in neither at the moment. Curious how the consolidation looks in Houston/woodlands, domestic production, and international.

 

lots of job cuts coming 

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Anadarko employs about 4,700 people companywide. In an interview, Chevron Chief Executive Michael Wirth downplayed any big job losses and said Chevron isn't looking to sell real estate in The Woodlands.

Yeah, the CEO kinda has to say that, but there's definitely gonna be lots of redundant positions. 

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59 minutes ago, Llano Estacado said:

 


Go rep this man for calling it in March.

Contracted for both in the Gulf. Own stock in neither at the moment. Curious how the consolidation looks in Houston/woodlands, domestic production, and international.

 

They couldn’t resist the offers forever. I wonder if this triggers more down the road. 

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8 minutes ago, Dutchrudder said:

Anyone have a good rundown on Anadarkos current assets? I know they are mostly in the Permian Basin and GoM, but I assume they have significant interests elsewhere.

Well, in addition to all of their leasehold, they also own hundreds of thousands of mineral acres outright, especially in CO/WY. Just about every mineral interest that Union Pacific ever owned ended up in APC.

Edited by Storm the Field
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Occidental Petroleum (NYSE:OXY) is now considering its options after bidding more than $70/share for Anadarko (NYSE:APC) in an earlier cash and stock offer but ultimately decided to go with Chevron's (NYSE:CVX) $65/share cash and stock deal, CNBC's David Faber reports.

OXY's offer contained more cash than the CVX bid and would have required a shareholder vote, according to the report.

Faber also says the breakup fee in the Chevron-Anadarko deal totals 3% of the deal price.

OXY, which had been up sharply in pre-market trade, now -1.7%.

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2 hours ago, Dutchrudder said:

Anyone have a good rundown on Anadarkos current assets? I know they are mostly in the Permian Basin and GoM, but I assume they have significant interests elsewhere.

LNG in Mozambique.  Production in Ghana, lot of exploration potential offshore South Africa.

Believe they have some stuff in Colombia as well.

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If OXY bid $70 but the took $65 instead, would this be maybe the first time the ambulance chasing lawyers that file class action suits against the sellers might have a chance?
Yeah, I'm not quite clear on that. It said the Oxy deal would have had to be approved by shareholders, was the CVX deal not required to take a vote?
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18 minutes ago, Dutchrudder said:
22 minutes ago, Fudge Nuggets said:
If OXY bid $70 but the took $65 instead, would this be maybe the first time the ambulance chasing lawyers that file class action suits against the sellers might have a chance?

Yeah, I'm not quite clear on that. It said the Oxy deal would have had to be approved by shareholders, was the CVX deal not required to take a vote?

Yeah, heaven forbid the owners of the company have a say in it.

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24 minutes ago, Dutchrudder said:
28 minutes ago, Fudge Nuggets said:
If OXY bid $70 but the took $65 instead, would this be maybe the first time the ambulance chasing lawyers that file class action suits against the sellers might have a chance?

Yeah, I'm not quite clear on that. It said the Oxy deal would have had to be approved by shareholders, was the CVX deal not required to take a vote?

Yeah. The CVX deal will require shareholder and regulatory approval.  

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CVX stock down today due to the takeover which is normal.  However, OXY is also down almost 3% but they lost out on their bid.  Is this a dislocation that could crib a couple of percentage points?  Or is the worry that OXY will get desperate and overpay for either APC in a hostile bid or another company just to be seen "making a move"?

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Just now, Dutchrudder said:

Not saying they shouldn't, but the few articles I read point this out for the Oxy deal, but not explicitly for the CVX deal, which begs the question. 

We're on the same page.  I noticed the same thing with all the articles and still haven't figured it out.  Any deal of this size will have to get shareholder approval and as TT pointed out regulatory approval. 

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4 minutes ago, Dutchrudder said:

Not saying they shouldn't, but the few articles I read point this out for the Oxy deal, but not explicitly for the CVX deal, which begs the question. 

Poor reporting. This is directly from Chevron's press release

Quote

The transaction has been approved by the Boards of Directors of both companies and is expected to close in the second half of the year. The acquisition is subject to Anadarko shareholder approval. It is also subject to regulatory approvals and other customary closing conditions

https://www.chevron.com/investors/press-releases

Edited by TonyTexas
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45 minutes ago, Fudge Nuggets said:

LNG in Mozambique.  Production in Ghana, lot of exploration potential offshore South Africa.

Believe they have some stuff in Colombia as well.

Scanning through some articles and was reminded they have a presence in Algeria as well.  Depends on the size of their assets there, but based on how Chevron's new CEO prefers domestic assets and the company has been selling off international assets hand over fist I wouldn't be surprised to see them let Algeria go.  They are looking to dump $15 - $20 bln worth of assets by 2022.

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3 hours ago, Dutchrudder said:

Oh shit, there's absolutely no chance Chevron sells the downtown buildings and moves North to the woodlands, right? Right????

I know before the crash it seemed every year a rumor would come up that Chevron was going to move at least some of their offices out towards The Woodlands, but with this deal I think if anything the Anadarko building gets sold - question is, who would buy it?  I think it's a safe bet that Chevron is not going to sell their downtown buildings.

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Chevron also operates from office towers in Houston, Texas, where it purchased the 1500 Louisiana Street and 1400 Smith Street from former Texas energy giant Enron. Chevron is also planning a new office tower in downtown Houston next to its existing properties at 1600 Louisiana Street.[94] The building will stand 50-stories and 832 feet. Upon completion, it will be the fourth tallest building in Houston and the first 50-story building constructed there in nearly 30 years.

https://en.wikipedia.org/wiki/Chevron_Corporation

 

Quote
Anadarko Petroleum Corp. has bought its corporate headquarters campus in The Woodlands for $215 million. Anadarko is the largest single employer in The Woodlands, with about 1,700 workers in the community north of Houston.
 
 

After almost a decade leasing, Anadarko Petroleum Corp. now owns its home in The Woodlands.

https://www.chron.com/business/article/Anadarko-now-owns-its-home-in-The-Woodlands-1702995.php

Appears both companies own their office buildings.  One caveat, the article about Anadarko's building is 9 years old who knows what they may have done since then in the name of "increasing shareholder value"?

Edited by Fudge Nuggets
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CVX owns the buildings DT and a lot there on Jefferson between them and KBR.

APC has 2 buildings in the Woodlands (tallest in Montgomery Cnty). Believe they own both. WWHQ.

Curious what all happens for CVX DT Houston, redundancies wise? I’m just familiar with project groups. Cost controls, accounting, etc is that based out of Cali? US Shale? (I know 3 engineers that moved to Midland for them) CVX Gulf business unit has an office in Covington LA. Unless I’m mistaken they still have other presence in Houston on the Phillips chemical side.

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I think EOG would be more likely to gobble up smaller players to become even bigger.  I don't think they would ever want to be a CVX or XOM - and as a stockholder I hope they don't have those aspirations.  But they could separate themselves from the likes of OXY with the right acquisition(s).

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18 minutes ago, The Royal We said:

Pioneer, Whiting, Cimarex, Devon - EOG if someone wanted to get really nuts.

Shell is probably out of the mix for another takeover after their ill-timed buyout of BG, but if another big boy (XOM / BP / TOT) got fiesty, could Apache be a target? 

Edit:  Surge of 11% in PXD today would indicate a lot of folks think they are ripe for the pickings.  Of course that might be Einhorn getting his nuts squeezed with his huge short position he initiated at the bottom of the bust (just joking, don't know if he even still has that position or not).

Edited by Fudge Nuggets
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