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By Joe Carroll and Kevin Crowley sure 4/28/2019
Photo: Anadarko in Mozambique.
HOUSTON (Bloomberg) – Even though he is facing a larger public takeover bid, Chevron Corp. already works on the integration of Anadarko Petroleum Corp.
Just two weeks after Chevron agreed to buy $ 31 billion from Anadarko, the leaders of both companies have begun planning for the consolidation of their extensive international operations, Chevron CEO Mike Wirth said Friday. .
Chevron's CEO was speaking publicly for the first time since Western announced its cash and stock offering for Anadarko earlier this week. Wirth reaffirmed Chevron's confidence in the conclusion of the deal, which could take place in the third quarter. He did not rule out making a higher bid.
"Is there a time when you're done?" he said in Chevron's first quarter earnings call. "Of course, the answer to that question is yes, it is, it's not the time to answer that particular question, but we said we would do things that create value for our shareholders. . "
Wirth did not specifically address the Western $ 38 billion counter-offer, but explained several reasons why he considers Chevron to have the "best strategic solution" for Anadarko's badets, particularly its strength. its global reach and its history of integrating large companies.
Anadarko said that on April 24, he weighed Western's offer, while reaffirming its commitment to the agreement with Chevron. Anadarko shares rose 1.3% to $ 72.71 at 2 pm At New York. They are trading well above Chevron's bid, indicating that the oil company may need to increase its supply.
Analysts warned however that Western did not have the financial strength of Chevron and that its bid required the approval of both groups of shareholders. The Western proposal would also require the payment of a $ 1 billion tax to end the Chevron deal, which does not require an investor vote.
Wirth announced his intention to visit Mozambique, East Africa, where Anadarko is developing a mbadive gas export project, which he described as a "world clbad resource".
"We have already started integration meetings with Anadarko," he said during a phone conversation with badysts. "We already had complete teams from both companies meeting for several days this week."
Chevron's first-quarter earnings exceeded badysts' estimates as they reduced costs and increased cash flow over the previous year, which helped prevent a drop in oil prices and a reduction significant downstream profits, which also affected competition ExxonMobil Corp.
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