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OXY - Buffet Is Back With A Bang: Analyzing What The Occidental Preferred Deal Means For BRK Holders
Occidental Petroleum Corporation
Deal Background
On 29th April 2019, the Occidental (OXY) jet was reportedly found in Omaha with Gordon Haskett of Gordon Haskett Research Advisors LLC speculating that Occidental was looking to bring in Buffett to help finance its acquisition of Anadarko (APC). Given that Occidental earns about ~$11b in EBITDA and has ~$7b of net debt, its balance sheet is relatively unlevered, giving OXY relative financial flexibility to lever up and coming over the top of Chevron (CVX)'s $33b cash and stock bid for Anadarko. Given that OXY had already