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OXY - Shell Should Not Follow Chevron Down The Shale Well
Occidental Petroleum Corporation
It seems there is almost no questioning of the paradigm that oil majors expanding into shale is overall a great thing for their future. Chevron (CVX) evidently thought so too, given its Anadarko (APC) merger plan, which was announced earlier this month. It should be mentioned that Occidental (OXY) is now set to outbid Chevron for Anadarko, with a $38 billion offer. There are some obvious reasons for investors as well as company management to view such acquisitions as a good thing. Reserve and production management should go right