HOUSTON — Houston-based Occidental Petroleum Corp. (NYSE: OXY) announced Aug. 8 that it has completed one of the highest-profile energy megadeals in recent years.
Oxy acquired The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC) in a transaction valued at $55 billion, including the assumption of Anadarko's debt, per the Aug. 8 press release. When the cash-and-stock deal was proposed on May 5, the equity purchase price was valued at $38 billion, and the deal's total transaction value was $57 billion.
The total deal value decreased somewhat because Occidental's stock price sank from $57.95 per share when markets closed on May 3, prior to the offer, to $46.57 per share when markets opened on Aug. 8, according to Yahoo Finance. However, Oxy stock makes up less than a quarter of the purchase price.