Surely I must be mistaken!?!? I just looked at the company stock price on a chart on Yahoo. If you ignore the Covid era when the prices of all stocks crashed, the last time thatOxy’s stock was at $46 a share was in 2006.
Is that accurate?
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10 days later 52.00. I guess you should of bought at 46.00 and made some cash.
Difficult to determine how this ends… one thing is for sure that CR Midland basin is gaseyyy.
Hope they are smart enough to get this sinking ship back into the mid $50's so I can launch my lifeboat... Not waiting for a buyout anymore....
@j8+1jkh294r1
Oxy thinks they are the smartest MF’ers and they’ll figure everything out. They didn’t understand APC’s real value in Permian was WES. They forgot to include $2B of ARO in GOM valuation. They didn’t even plan to keep the GOM so did no due diligence. They sold Ghana for $2B but that fell through because of their Algeria sc--w up and ended up selling for $750mm.
Are you talking about APC's board?... Oxy's counter offer was clearly better and not choosing it would bad for the shareholders. Shareholder value is how the jungle works. I wish they could had chosen Chevron; I would have passed on the COC package and stayed on. Instead, Oxy won and offered me a caretaker position (there was no money to find new grease for 3-5 years). A bad decision for legacy Oxy; a disaster for APC staff.
As for the post that doesn't understand Algeria's colonial history and their feelings towards the French... Google it. Funny VH didn't do basic research before offering Algeria to Total. Wonder how much research was done before the bought the whole APC enchilada.
If they do a spin-off then there should be a lay-off unless the extra people get shifted to work on AI.
Let’s cut losses and wipe the slate clean of those responsible.
What is WB end strategy? Break it all up? Would agree on the BOD being worthless. Algiers and the French? Does anyone have any lights on upstairs? Would selling everything but the Permian and being a pure play make sense? Doing a spin off like CRC to all the junk like the GoM/International?
It got personal with Oxy, and at that point the BOD should of stepped in and said let Chevron have APC. It is no different than if one of us was bidding on a house. At some point you know your limit and back away. I question why the BOD did not stop it more than I do the Oxy executives. Right off the bat the sale of Algeria went south, and anyone that knew a little Algerian history would have known the chances of being able to sale to Total was at best less than 50%. That in itself was a red flag to many that the deal was not going to turn out as thought. Now we owe debt and WB is sitting there collecting on basically an 8% loan on billions of dollars. Again, to make that deal with WB was another red flag.
Chevron offered $33 billion for APC, Oxy paid $55 billion. Chevron and APC's assets were almost a perfect compliment... Oxy only cared about the Permian assets, the rest was expendable. How did the purchase work for you? Guessing not so well as you needed to spend another $12 billion for CR. Only people that won from the deal was Chevron with the $1 billion dollar break up fee and the senior executives at APC that walked out the front door with $300 million dollars.
The CEO was the responsible party in this case. Did they get fired by either the board or the stockholders? There was no hesitation running RI out of town but his performance was much better than those that came after him.
The CFO and two SVP‘s responsible for the acquisition of Anadarko were fired.
Don’t forget that Chevron wanted to buy Anadarko also but for a slightly lower price
Way too many layers of management- most have been promoted and have no idea what they are doing. Asking their staff for ridiculous requests because they are largely incompetent. Or worse, visa holders who work 24/7 demanding their staff do the same. As someone who jumped ship to a flatter organization with 2x the salary and two layers of mgmt, I’m astounded by how poorly OXY is run - and why WB would continue to buy shares in a sinking ship…
So the person making a multibillion dollar mistake should have been fired. Why weren’t he or she terminated for this.
They bought CR because the APC acreage in the Permian wasn't that productive. We knew it at APC, due diligence might have saved you $48 billion dollars...
They never should have bought another company until the previous mistake was paid for.
Too many captains (management layers) and not enough rowers (people who do the actual work).