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MarketScreener Homepage  >  Equities  >  Nyse  >  Occidental Petroleum Corporation    OXY

OCCIDENTAL PETROLEUM CORPORATION

(OXY)
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Occidental Petroleum : finance chief pledges to quickly pare acquisition debt

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08/12/2019 | 06:56pm EDT
FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the NYSE in New York

DENVER (Reuters) - Occidental Petroleum Corp expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company's finance chief said on Monday.

Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an EnerCom energy conference audience, the resulting debt burden was "not too bad," and pledged Occidental would be selective in choosing assets to sell.

He defended the purchase, which has been attacked by activist Carl Icahn as "misguided and hugely overpriced," as providing future oil production as a good valuation. Icahn is seeking to remove and replace four directors to influence the scale and pace of asset sales.

"When the smoke clears, people will start to see what we've done," Burgher said to an overflow crowd.

Shares of Occidental fell 4.5% on Monday to $45.01, the lowest level in roughly a decade following a downgrade from analysts at investment firm Evercore ISI.

"The purchase of Anadarko makes Occidental larger but significantly less valuable," Evercore analysts wrote in a note to investors on Monday.

Burgher said the deal would achieve $3.5 billion in synergies and cost savings through divestitures and by eliminating redundancies, including duplicate offices.

The company plans to keep Anadarko's campus in Woodlands, Texas, indefinitely, and make a decision on the space in several years, Burgher said. It plans to remain in Houston and will sell a property that was acquired last year for a new Houston headquarters, he said.

Occidental also plans to be selective about what properties it puts on the market to help pay off the debt, he also said, saying it likes the U.S. offshore production acquired in the deal.

"We like the Gulf of Mexico (properties) we think it's a keeper; great free cash flow, great assets," he said. He made no mention of the Western Midstream Partners stake that it also acquired with Anadarko.

(Reporting by Liz Hampton in Denver; Editing by Marguerita Choy and Tom Brown)

By Liz Hampton

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Financials (USD)
Sales 2019 20 571 M
EBIT 2019 5 356 M
Net income 2019 2 433 M
Debt 2019 50 962 M
Yield 2019 7,02%
P/E ratio 2019 14,3x
P/E ratio 2020 13,5x
EV / Sales2019 4,42x
EV / Sales2020 2,85x
Capitalization 39 867 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 58,74  $
Last Close Price 44,57  $
Spread / Highest target 79,5%
Spread / Average Target 31,8%
Spread / Lowest Target 0,96%
EPS Revisions
Managers
NameTitle
Vicki A. Hollub President, Chief Executive Officer & Director
Eugene L. Batchelder Independent Chairman
Cedric W. Burgher Chief Financial Officer & Senior Vice President
John E. Feick Independent Director
E. Spencer Abraham Independent Director
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