Tuesday, August 20, 2019

Carl Icahn News

Oxy CFO Pledges to Quickly Pare Acquisition Debt

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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…

Anadarko Shareholders Go for Cash in Oxy Buyout

(Photo: Anadarko)

Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field…

Oxy Q2 Earnings Dip

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Occidental Petroleum Corp , which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% drop in quarterly profit on Wednesday, as costs related to the deal and weaker chemical earnings hit its bottom line.Still, the results topped Wall Street estimates for the period and Occidental's operating cash flow rebounded from last quarter to $2.96 billion, up 7% from the same quarter a year ago.

Anadarko Beats Profit Estimates

(Photo: Anadarko)

Anadarko Petroleum Corp, in its last earnings report before shareholders vote on its sale to Occidental Petroleum, on Friday reported a quarterly profit that topped analysts' estimates, as higher production offset lower prices for its oil.It reported a net loss on a $1 billion breakup fee paid to Chevron Corp. Anadarko accepted a $38 billion offer from Occidental after having initially agreed to a deal with Chevron. The deal would make Occidental the largest oil producer in the Permian Basin, the top U.S.

Anadarko Shareholders to Vote on Oxy Deal

(Photo: Anadarko)

Anadarko Petroleum Corp shareholders will vote Aug. 8 on the oil and gas producer's planned $38 billion sale to Occidental Petroleum Corp - the biggest oil and gas deal of the year.Occidental avoided its own shareholder vote on the deal by securing a controversial $10 billion financing agreement with Warren Buffett's Berkshire Hathaway, which allowed it to raise the cash portion of its offer.While an Anadarko holders' vote for the proposed deal is very likely…

Icahn Steps up Fight with Occidental

(Photo: Anadarko)

Billionaire investor Carl Icahn on Wednesday ratcheted up his fight with Occidental Petroleum over its pending purchase of rival Anadarko Petroleum by calling for a special shareholder meeting where he hopes to win board seats.In a regulatory filing, Icahn said he planned to oust and replace four Occidental directors and change the company's charter through a stockholder consent solicitation to prevent it from ever engineering a similar takeover again.Responding to the filing…

Icahn Sues Oxy Over 'Misguided' Anadarko Deal

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Occidental Petroleum Corp 's activist investor Carl Icahn has filed a lawsuit against the company over what it called its "misguided" pact to buy Anadarko Petroleum Corp, and may seek a special meeting to remove and replace board members.The lawsuit, filed on Thursday in Delaware by a group of Icahn companies, calls Occidental's recent agreement to purchase Anadarko for $38 billion "fundamentally misguided and hugely overpriced…

SandRidge Names McKinney as CEO

U.S.

Diamondback Energy Shares Drop on $9.2 billion Deal for Shale Rival

Diamondback Energy Inc shares fell 10 percent early on Wednesday following the U.S. oil and gas producer's all-stock, $9.2 billion deal for shale rival Energen Corp.On Tuesday, Diamondback agreed to pay about $84.95 per share for Energen, a 16 percent premium to the Birmingham, Alabama, company's close on Tuesday.. Energen shares rose 3.8 percent to $75.95 on Wednesday morning trade on the New York Stock Exchange.Diamondback…

SandRidge Draws Interest from Multiple Bidders

File Image (CREDIT: AdobeStock / © Shamtor)

SandRidge Energy Inc has been approached by 26 potential bidders for a buyout of the company or some of its assets, the U.S. shale oil producer said on Friday, days after activist investor Carl Icahn took control of its board. The list includes Midstates Petroleum, whose previous attempt to buy SandRidge was rebuffed by the company - a move that was criticized by Icahn and some other shareholders. SandRidge, which said earlier this month it was approached by 17 potential bidders including Icahn…

Icahn Cuts Stake in Cheniere

File Image: The Cheniere Sabine Pass facility (CREDIT: Cheniere)

Activist investor Carl Icahn has reduced his stake in energy company Cheniere Energy Inc to 9.5 percent, and said he was confident in the company's management and Chief Executive Officer Jack Fusco.   Icahn, still the biggest shareholder of the company, had disclosed a stake of 13.8 percent in Cheniere in December 2015.

SandRidge Says Approached by 17 Potential Buyers, Including Icahn

Logo: SandRidge Energy

SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the company to back out of its planned buyout of rival Bonanza Creek Energy Inc .The investor, who said in April he was willing to buy the company…

Corvex and Icahn to Mull Making a Bid for Energen

Photo: Energen

Activist investor Keith Meister on Monday reunited with billionaire investor Carl Icahn and said in a regulatory filing that they may try to buy oil and gas producer Energen Corp..The announcement comes roughly two months after the Birmingham, Alabama-based company settled a long-simmering fight with Meister's New York-based hedge fund Corvex Management by agreeing to review its businesses and adding two members to…

SandRidge to Evaluate All Buyout Offers

SandRidge Energy Inc, which is in the middle of a proxy fight with top shareholder Carl Icahn, said on Monday it would evaluate buyout offers, including one from Icahn.   The activist investor, who offered to buy the company last week, said he planned to nominate directors who would push for a sale of SandRidge Energy.   Reporting by Karan Nagarkatti

Midstates Petroleum Seeks Merger with SandRidge Energy

File Image (CREDIT: AdobeStock / (c) Shamtor)

A merger could create $1 bln producer in the Mississippian Lime. Midstates Petroleum Co Inc on Tuesday sought to merge with larger rival SandRidge Energy Inc in a deal that could create the biggest oil producer in the Mississippian Lime shale formation. Both companies have a large presence in the Mississippian Lime, which is primarily an oil producing area spread across Northern Oklahoma and Southern Kansas. The basin…

Icahn Demands Removal of 2 SandRidge Board Members

Top shareholder and activist investor Carl Icahn on Tuesday called for the resignation of two of SandRidge Energy's board members, days after thwarting the oil and gas company's deal to buy Bonanza Creek Energy Inc for $746 million. Icahn said in a letter to the board that he wanted to nominate one new director, while the other would be determined by other large shareholders. Icahn also demanded that any major changes to SandRidge's business…

Icahn Steps Up Fight Against SandRidge's Plan to Buy Bonanza Creek

Activist investor Carl Icahn on Friday stepped up its fight against SandRidge Energy Inc's plan to buy a rival, urging fellow stockholders to vote against the oil and gas company's plan to issue shares for the $746 million deal. Several other holders including Fir Tree Partners and Susquehanna Advisors Group have come out against the purchase and said SandRidge was paying an unjustified premium. Billionaire Icahn…

SandRidge Offers Icahn Some Deal Records, Rebuts Claims

SandRidge Energy Inc on Monday pushed back against activist investors Carl Icahn and Fir Tree Partners' attack on the oil and gas producer's proposed $746 million acquisition of rival Bonanza Creek Energy Inc. In a letter to its shareholders, the Oklahoma City-based energy firm said opponents' claims the transaction would hurt shareholder value were "false and reckless," and a purchase would boost cash flow per share by 15 percent next year and provide operational and financial synergies.

Icahn Seeks to Inspect SandRidge Energy Books, Records

Activist investor Carl Icahn has asked to inspect certain books and records of SandRidge Energy Inc , according to a regulatory filing on Friday. Icahn seeks to investigate the compensation of SandRidge's senior management, the proposed acquisition of Bonanza Creek Energy Inc and the recent poison pill plan laid out by SandRidge, according to the filing. Icahn's demand comes a day after he called the $746 million bid by SandRidge for Bonanza Creek "value-destroying".

Trump Plans to Meet Oil Industry Reps on US Biofuel Policy

President Donald Trump  (Photo: The White House)

U.S. President Donald Trump has agreed to meet with representatives of the oil refining industry and their legislative backers to discuss the nation's biofuels program, according to two sources briefed on the matter. The White House meeting could set the stage for negotiations over possible legislation to overhaul the U.S. Renewable Fuel Standard - a 2005 law that requires refiners to blend increasing amounts of biofuels like ethanol into the nation's gasoline each year, the sources said, asking not to be named.