Occidental Petroleum submitted a revised buyout offer to Anadarko Petroleum, offering 78% cash and 22% stock rather than a 50-50 split.
Both the divestment and Buffett's investment are contingent on Occidental closing the deal and would underwrite the cash component of the driller's bid.
"The financial support of Berkshire Hathaway as well as the agreement we announced with Total allows us to delever our balance sheet while focusing our integration efforts on the assets that will provide the most value for us," Hollub said in a press release. Following the proposed sales to Total, Occidental would control Anadarko's assets in U.S. shale basins, the Gulf of Mexico and South America. Occidental is focused on the shale acreage, particularly Anadarko's position in the Permian Basin, the top U.S. shale field stretching across western Texas and southeastern New Mexico.
Chevron also considers the Permian assets the crown jewel of Anadarko's portfolio, but its Gulf of Mexico position also overlaps with Anadarko's deepwater assets. Chevron, a major player in liquefied natural gas, would likely retain Anadarko's LNG project in Mozambique in southern Africa.
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