Anadarko Petroleum Corp.'s board said Monday evening that Occidental Petroleum Corp.'s revised offer for the company is "superior" to Chevron Corp.'s bid, a move that gives Chevron 4 days to revise its offer. Chevron did not provide immediate comment.
Why it matters: It's the latest twist in a high-stakes battle to land the biggest oil mega-deal in years — one that will enhance the winner's position in the booming Permian Basin shale fields.
Secretary of State Mike Pompeo told diplomats at a meeting of the Arctic Council in Finland on Monday that the rapidly warming Arctic region presents a land of "opportunity and abundance," citing untapped resources like oil, gas, uranium and gold and rare earth minerals.
"And its centerpiece, the Arctic Ocean, is rapidly taking on new strategic significance. Offshore resources, which are helping the respective coastal states, are the subject of renewed competition. Steady reductions in sea ice are opening new passage ways and new opportunities for trade."
Last night Occidental Petroleum sweetened its offer to trump Chevron's plan to purchase Anadarko Petroleum.
Where it stands: Occidental changed its $76-per-share offer to be 78% cash and 22% stock, compared to the 50-50 split in their prior bid, as they try and snatch Anadarko away from Chevron, a much larger company.
The diversity of life on our planet is deteriorating far more rapidly than previously thought, with up to 1 million species threatened with extinction, many of which could be lost "within decades," concludes a sweeping new scientific assessment released Monday in Paris.
Why it matters: The report, from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), finds that factors such as land use change, overfishing, pollution, climate change and population growth are pushing nature to the brink. Only "transformational change" to the way society operates can put us back on course to meet global sustainable development targets, which nearly every country on Earth has committed to, the report concludes.
America’s youngest voters are more worried about climate change, more supportive of big government and more likely to identify as Democrats than older generations.
Why it matters: By Election Day 2020, millennials and those in the younger generation known as Gen Z will represent more than a third of eligible voters, according to a recent survey by Harvard University.
French oil-and-gas giant Total said Sunday it has entered a deal with Occidental Petroleum Corp. to acquire Anadarko’s assets in Algeria, Ghana and South Africa for $8.8 billion, Reuters reports. The deal, which would be expected to close next year, is contingent on Occidental winning the war to acquire Anadarko.
Why it matters: The proposed deal is a new twist in the high-stakes battle between Chevron and Occidental to acquire Anadarko in what would be the biggest oil mega-deal in years. It signals how Occidental, which has bid much more than its larger rival Chevron, is seeking to show that it’s well-positioned to emerge from the expensive transaction in a strong position and successfully combine its operations with Anadarko’s.
