Apr 29, 2019

Anadarko may abandon Chevron for Occidental

Illustration: Sarah Grillo/Axios

Anadarko Petroleum on Monday indicated that it may leave Chevron at the altar, and go with Occidental Petroleum's higher acquisition bid.

Why it matters: The multibillion dollar battle highlights how keen oil heavyweights are to bolster their position in booming Permian Basin, the lucrative shale region in Texas and New Mexico where all three companies are active.

Where it stands: Anadarko said in a statement Monday morning...

"Anadarko is resuming its earlier negotiations with Occidental because Anadarko's board of directors, following consultation with its financial and legal advisors, has unanimously determined that the Occidental Proposal could reasonably be expected to result in a 'Superior Proposal' as defined in the Chevron Merger Agreement."

But, but, but: The new twist doesn't necessarily mean that Anadarko is going with Occidental. In addition to dollars, companies consider such factors as likelihood of a deal to close.

The other side: Chevron said in a statement Monday morning: “We believe our signed agreement with Anadarko provides the best value and the most certainty to Anadarko’s shareholders.”

Flashback: On April 12, Chevron and Anadarko announced a $33 billion transaction at $65-per-share, mostly in stock. Occidental offered $76-per-share last week at an even stock/cash split. There also have been reports that this is actually Occidental's second bid, having previously offered more than $70 per share in an offer quietly rejected by Anadarko's board of directors.

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Tariff worries hit record high amid coronavirus outbreak

Data: CivicScience, margin of error ±1 percentage points; Chart: Axios Visuals

Concern about President Trump's tariffs on U.S imports grew to record high levels among Americans last month, particularly as more lost their jobs and concern about the novel coronavirus increased.

Driving the news: About seven in 10 people said they were at least somewhat concerned about tariffs in March, according to the latest survey from CivicScience provided first to Axios.

U.S. coronavirus updates: Largest 24-hour spike in fatalities

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

New York's death toll from the novel coronavirus surged to its highest one-day total on Tuesday, as the U.S. saw its largest 24-hour spike in fatalities, per Johns Hopkins data. Recorded deaths across the U.S. surpassed 12,900 early Wednesday.

Why it matters: State officials have stressed that lockdowns must continue even if cities begin to see slight improvements from social distancing. Several hot spots, including New York, New Orleans, and Detroit, are expected to peak in the coming days.

Go deeperArrowUpdated 1 hour ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 1,430,453 — Total deaths: 82,133 — Total recoveries: 301,385Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 399,081 — Total deaths: 12,907 — Total recoveries: 22,461Map.
  3. Federal government latest: Acting Navy secretary resigns over handling of virus-infected ship — Trump removes watchdog overseeing rollout of $2 trillion coronavirus bill — Trump said he "didn't see" memos from his trade adviser Peter Navarro warning that the crisis could kill more than half a million Americans.
  4. States latest: California Gov. Gavin Newsom is confident that more than 200 million masks will be delivered to the state "at a monthly basis starting in the next few weeks."
  5. Business latest: America's food heroes in times of the coronavirus crisis. Even when the economy comes back to life, huge questions for airlines will remain.
  6. World updates: China reopens Wuhan after 10-week coronavirus lockdown.
  7. 2020 latest: Polls for Wisconsin's primary elections closed at 9 p.m. ET Tuesday, but results won't be released until April 13. Thousands of residents cast ballots in person.
  8. 1 Olympics thing: About 6,500 athletes who qualified for the Tokyo Games will keep their spots in 2021.
  9. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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