Occidental acquires Anadarko following shareholder vote

Anadarko Petroleum Corp., headquartered in The Woodlands, was acquired by Occidental Petroleum Corp. Aug. 8.

Anadarko Petroleum Corp., headquartered in The Woodlands, was acquired by Occidental Petroleum Corp. Aug. 8.

Occidental Petroleum Corp. announced its finalized acquisition of The Woodlands-based Anadarko Petroleum Corp. on Aug. 8, after Anadarko shareholders approved the merger in a special meeting held at the company's headquarters.

The deal's closure comes less than four months after Chevron Corp. first announced its intentions to acquire Anadarko, The Woodlands area's largest private employer. Chevron dropped its bid after its offer was topped by Occidental in May. The final transaction received more than 99% of votes at the Anadarko shareholder meeting, and is valued at $55 billion including Occidental's assumption of Anadarko's debt.

"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,” Occidental President and Chief Executive Officer Vicki Hollub said in an Aug. 8 statement.

Anadarko employed more than 3,600 workers and contractors locally, according to an early 2019 count by The Woodlands Area Economic Development Partnership. An Occidental spokesperson said the company did not have additional information to offer on the status of Anadarko's workforce or 1.37 million-square-foot headquarters in The Woodlands following the acquisition.

Gil Staley, the EDP’s chief executive officer, said in July that a group of The Woodlands-area officials and community members had met with Hollub to discuss the future of Anadarko's campus and local workforce prior to the deal's completion. Although no final plans were made at that time, Staley said Hollub had expressed the possibility that Occidental could sell the former Anadarko asset then lease the space for its future operations.

The 7.35-acre campus on Lake Robbins Drive is valued at $206.28 million, according to 2019 Montgomery Central Appraisal District data. Anadarko first occupied The Woodlands property in 1999 and later expanded its headquarters with the construction of the 30-story Allison Tower and 31-story Hackett Tower.

"It's certainly the closing of an era," Staley said following the acquisition.

This story was updated to include further information on Anadarko's headquarters and comments from Occidental and The Woodlands Area Economic Development Partnership.
SHARE THIS STORY


MOST RECENT

Courtesy Interfaith of The Woodlands
Your 2019 Volunteer Guide: Community organizations in south Montgomery County that need a helping hand

Help out The Woodlands area in a number of ways throughout the year by volunteering with local nonprofit groups.

New Internet sales tax rules take effect in Texas

On Oct. 1, two new sets of rules regarding sales tax collection in Texas took effect

Drivers on the Grand Parkway will pay higher tolls come Jan. 1, 2020. (Courtesy Fotolia)
Tolls to increase Jan. 1 on the Grand Parkway

Drivers on the Grand Parkway will see toll rates increase 2% on Jan. 1, 2020.

Interfaith Hand Me Up Shop
Interfaith of The Woodlands' Hand Me Up Shop launches new Spring retail location

Resale store has operated in The Woodlands area for 30 years

Memorial Hermann The Woodlands
BREAKING: Memorial Hermann announces $250M expansion project at The Woodlands Medical Center

Project will feature new eight-story patient tower and hospital-wide renovations

Two Tomball ISD teachers—including teachers at Tomball High School and Willow Wood Junior High—are among six finalists in Texas for the 2019 Presidential Awards for Excellence in Mathematics and Science Teaching, TISD officials announced Nov. 8 in a press release. (Community Impact Newspaper staff)
Tomball ISD teachers make up one-third of Texas finalists for 2019 Presidential Awards for Excellence in Mathematics and Science Teaching

Two Tomball ISD teachers are among six finalists in Texas for the 2019 Presidential Awards for Excellence in Mathematics and Science Teaching, TISD officials announced Nov. 8 in a press release.

Creekside Park apartments
Howard Hughes announces 360-unit residential development in Creekside Park

The new residential complex will be made up of six four-story buildings at Kuykendahl Road and Creekside Green Drive.

NewLotusMoon celebrates one year of fair trade products

NewLotusMoon celebrates its first anniversary in The Woodlands.

Members of Houston Methodist's leadership team and board of directors participated in a groundbreaking ceremony for a $240 million expansion of The Woodlands hospital Sept. 27.
Ben Thompson/Community Impact Newspaper
Houston Methodist begins work on $240 million The Woodlands Hospital expansion

Two years after opening a 470,000-square-foot hospital serving The Woodlands area, Houston Methodist The Woodlands Hospital broke ground on an expansion.

Brian Hayden presents at a Conroe ISD Audit Committee meeting Nov. 6.
Conroe ISD welcomes new internal auditor

Brian Hayden has worked as a former contractor with Houston ISD with 15 years of auditing experience.

Dollar Tree opened at 9511 FM 1488, Ste. 600, Magnolia, on Oct. 31. (Logo courtesy Dollar Tree)
Dollar Tree opens in Windcrest Village on FM 1488 in Magnolia

Dollar Tree opened at 9511 FM 1488, Ste. 600, Magnolia, on Oct. 31.

Back to top