As the Occidental Petroleum earnings for the first quarter of 2019 come out, there is other news boosting OXY stock today.
The news from Occidental Petroleum (NYSE:OXY) is that it is planning to purchase Anadarko Petroleum (NYSE:APC) for $38.00 billion. This will have the company offering $59.00 in cash and 0.2934 shares of OXY stock for each share of APC stock.
This offer from Occidental Petroleum for Anadarko Petroleum has it surpassing the one that was previously made by Chevron (NYSE:CVX). It is sitting 23.3% above the offer that CVX made for the company. It also has the full support of OXY’s Board of Directors.
In connection to this Occidental Petroleum news is another deal involving Anadarko Petroleum. This deal has OXY agreeing to sell off its African assets of Anadarko. The company will be selling these assets for a total of $8.80 billion. This will come to pass so long as its deal to acquire Anadarko Petroleum reaches completion.
Occidental Petroleum earnings are also good news for OXY stock with earnings per share for the first quarter of 2019 coming in at $1.22. This is better than the company’s earnings per share of 92 cents from the same time last year. It also comes in well above Wall Street’s earnings per share estimate of 73 cents for the period.
OXY stock was up 1%, APC stock was up 3% and CVX stock was up 1% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.