EnergyWatch

Occidental's winding path to Anadarko bid led to Buffett's door

Occidental Petroleum Corp.'s bombshell investment from Warren Buffett is the culmination of almost two years of on-and-off-again wrangling with Anadarko Petroleum Corp. – a saga that is so far seen the company slip through its fingers several times.

Photo: HERBERT GERALD

With Buffett in its corner and a higher bid on the table, Occidental finally seems to have the upper hand over Chevron Corp.’s lower, but already agreed on, offer. Anadarko’s board has decided to start talking to Occidental again, and said that its bid could result in a superior proposal.

Occidental’s engagement with Anadarko officially brings the two Texas-based explorers back to the negotiating table again after at least four separate rounds of communication since late 2017, according to people familiar with the matter, who asked not to be identified as the details of the discussions are not public. As recently as December, an informal check-in by Occidental had met with a negative response from its potential target: We’re not ready.

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