Houston-based Occidental Petroleum is set to expand operations in the Permian Basin following the acquisition of Anadarko Petroleum.
Occidental made a $38 billion bid for Anadarko in May of this year, edging out a previous offer from a larger rival, Chevron. It closed the transaction on August 8, shortly after 99% of Anadarko’s shareholders voted to accept its buyout plan.
Vicki Hollub, the CEO of Occidental, expressed satisfaction with the acquisition. “We begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” she said on August 8.