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WES - Occidental's Purchase Of Anadarko Isn't A Permian Oil Purchase
Western Gas Partners LP Limited Partner Interests
The competition between Occidental (OXY) and Chevron (CVX) to buy Anadarko Petroleum (APC) lit up news boards and markets everywhere during the last month. Occidental won the company at a price tag of $38 billion. In some places, the competition was styled as an effort to attain dominance in the giant U.S. Permian oil basin.
I disagree with this characterization for two reasons. A) 48% of Anadarko's 2018 U.S. production was natural gas and natural gas liquids. B) Of its oil, most of Anadarko's reserves and production are not