Occidental Petroleum Corporation has completed its acquisition of Anadarko Petroleum Corporation in a transaction valued at $55 billion. The combined company expected to drive significant value and returns for shareholders.

“With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” said Vicki Hollub, President and Chief Executive Officer. “We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our Board and management team is on execution to achieve the promise of this exciting combination. We look forward to updating the market on our continued progress in the months ahead.”

The closing of the transaction follows approval of the transaction by Anadarko’s shareholders at a Special Meeting held on August 8. More than 99 percent of the shares voted at the Special Meeting were in favour of the Occidental merger agreement.

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9th August 2019