Occidental to Sell Anadarko's Africa Assets to Total if It Wraps Deal With Anadarko
By Bradley Olson and Cara Lombardo
Occidental Petroleum Corp. plans to sell Anadarko Petroleum
Corp.'s Africa assets to Total SA if it completes a deal for the
The announcement by Occidental, which is in a contest with
larger rival Chevron Corp. to buy Anadarko that has each company
bidding in excess of $30 billion, is part of a plan by Occidental
to sell assets to improve its balance sheet if it can complete the
purchase of Anadarko.
The assets, which would sell for $8.8 billion, include
Anadarko's multibillion-dollar Mozambique project and other
developments in Algeria, Ghana and South Africa.
"The $8.8 billion value to be received for Africa represents an
attractive value based on our extensive evaluation over the last 18
months," said Occidental Chief Executive Vicki Hollub.
Occidental previously had disclosed plans for roughly $10
billion to $15 billion in asset sales following a deal for
"These are world class assets with great upside, and we welcome
the opportunity to leverage our expertise in LNG and deepwater
developments as well as our long history of operating in Africa,"
said Patrick Pouyanné, chairman and CEO of Total.
The announcement of a potential transaction with Total is
another step by Occidental to shore up its bid for Anadarko, after
the company last week received $10 billion in backing for the
potential deal from Warren Buffett's Berkshire Hathaway Inc.
Write to Bradley Olson at Bradley.Olson@wsj.com and Cara
Lombardo at email@example.com
(END) Dow Jones Newswires
May 05, 2019 14:46 ET (18:46 GMT)
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