How the Most Hyped U.S. Oil Merger in a Decade Went Bust
It was the kind of clear, crisp spring day that made people happy they lived in Houston—azaleas in bloom, the landscape aswirl in pink and coral and scarlet. Vicki Hollub, the CEO of Occidental Petroleum, strode triumphantly into a Woodlands conference center for a meeting of her newly expanded corporation last March. Not quite five and a half feet tall, dressed in one of her innocuous knit suits, she hardly looked the part of the oil and gas tycoon. But less than a year earlier she had out-oilmanned just about every oilman there was. Hollub had engineered a $38 billion takeover of Anadarko Petroleum, which had made Oxy, as Occidental is commonly known, the dominant player in Texas’s Permian Basin, itself the dominant region in…View Original Post
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Source: Texas Monthly