Occidental Petroleum Corp. submits offer for Anadarko

Occidental has filed an offer to acquire Anadarko. The proposition is under consideration.

Occidental has filed an offer to acquire Anadarko. The proposition is under consideration.

Following the April 12 announcement of Chevron Corp.'s acquisition of Anadarko Petroleum Corp., Houston-based oil and gas company Occidental Petroleum Corp. has submitted a counter offer valued at $57 billion.

Occidental's acquisition offer is for a 50-50 cash and stock split, according to a press release from Occidental.

“We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them," Occidental President and CEO Vicki Hollub said in the press release.

A press release from Anadarko indicates the offer will not be considered, stating the Anadarko board of directors unanimously agreed to enter into a definitive agreement for the Chevron acquisition April 12.

According to the press release, the Anadarko board of directors will examine the Occidental proposal in order to determine the best course of action for stockholders.

"The Anadarko board expects to respond to Occidental's proposal upon completing its review, and accordingly reaffirms its existing recommendation of the transaction with Chevron at this time," the release states.


MOST RECENT

Protesters peacefully gathered in downtown Conroe on May 31. (Andy Li/Community Impact Newspaper)
This week in photos, May 31-June 6: Black Lives Matter protests sweep across Montgomery County

Peaceful protests took place in Conroe, The Woodlands and Kingwood.

The county has reported 1,064 total cases of COVID-19. (Community Impact Newspaper)
Montgomery County reports 28th death related to COVID-19; recoveries continue to rise while hospitalizations fall

Nearly 600 county residents have recovered from COVID-19 as of June 5, while the county's hospitalization rate reached its lowest point this spring.

The district faces a $2.8 million budget deficit and cannot afford raises next year, but teachers are reportedly leaving the district for higher-paid jobs in neighboring districts. (Courtesy Fotolia)
Montgomery ISD CFO: Budget has a 'staff problem,' not a 'stuff problem'

Montgomery ISD faces two major financial challenges as it finalizes its 2020-21 budget: a potential $2.8 million deficit, and underpaid teachers and staff.

Lake Conroe's Margaritaville will open June 26. (Andy Li/Community Impact Newspaper)
FIRST LOOK: Margaritaville prepares to open Lake Conroe resort

Jimmy Buffet's Margaritaville is preparing to bring a slice of paradise to the Lake Conroe area June 26 with the opening of its first Texas location.

SNAP, a federal program overseen in Texas by the HHSC, assists around 1.4 million eligible low-income individuals and families statewide. (Courtesy Adobe Stock)
Emergency SNAP food benefits extended in Texas during COVID-19 pandemic

SNAP assists around 1.4 million eligible low-income individuals and families in Texas.

A woman in her 60s from Spring died while in the hospital. (Community Impact staff)
Montgomery County reports 27th coronavirus-related death; active cases down by 8

A woman in her 60s from Spring died while in the hospital.

CMS also unveiled an interactive map that lets users search any nursing home in the U.S. to see its COVID-19 cases. (Courtesy Adobe Stock)
CMS reports 321 coronavirus deaths in Texas nursing homes, nearly 32,000 nationwide

CMS also unveiled an interactive map that lets users search any nursing home in the U.S. to its COVID-19 cases.

The Transportation and Global Logistics Technology Center opened June 1, with a grand opening ceremony held via video conference on June 4. (Courtesy Lone Star College System)
Lone Star College System announces Transportation and Global Logistics Technology Center opening

The Lone Star College Transportation and Global Logistics Technology Center officially opened June 1.

Conroe City Council approved the municipal utility districts for the Keystone development May 28. (Andy Li/Community Impact Newspaper)
Development to add more than 12,000 homes to Conroe area

The development will cater to single-family residences with lot sizes between 50 and 60 feet wide, with prices ranging $250,000-$350,000. There is also space on the property set aside for commercial development and a multifamily residence.

Montgomery ISD teachers can expect further instruction from campus principals July 1 on returning to classrooms. (Courtesy Pexels)
Montgomery ISD to bring select staff, athletics back June 8

On July 1, campus principals will communicate with staff and teachers to determine access to buildings and procedures for returning.

Few students and attendees wore face masks during the ceremony June 4, though students were seated in a socially distanced arrangement. (Andy Li/Community Impact Newspaper)
PHOTOS: Conroe ISD celebrates graduates in socially distanced ceremonies

"This pandemic and everything else going on has taught us that above all, we need each other," Conroe High School Principal Rotasha Smith said.

Star Cinema Grill has several locations throughout the Houston area. (Courtesy Star Cinema Grill)
Houston-based Star Cinema Grill prepares to reopen all locations

The Houston-based theater chain plans to open all locations by mid-July.