As I wrote back in March, Warren Buffett got a sweetheart deal in Occidental’s purchase of Anadarko. But that would be misreading Icahn’s intention. Reuters reported the proposed securities class action was filed on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired $24.5 billion of Occidental bonds that helped fund the August 2019 merger. That is not going to fly in future quarters. At a time of market upheaval of historic proportions even firms with diversified portfolios are struggling. Investors sue over Occidental Petroleum’s $37 billion purchase of Anadarko Petroleum May 28, 2020 Occidental Petroleum Corp’s nearly $37 billion acquisition of Anadarko Petroleum last year led to a lawsuit this week by investors who contend they suffered billions of dollars in losses. However, it was the worst number the company posted in nearly four years. By the company’s own admission, it can’t just drill its way out of the current situation. "Occidental's integration team identified the jobs we need to successfully and safely operate our business and achieve our synergy goals," Schoeb said. REUTERS/Brendan McDermidReuters. Occidental Petroleum Slashing Jobs 'Significantly' in Cost-Cutting Move, FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. Spare a thought then for Callon Petroleum, which can only be described as a cashless one-trick pony. I have worked on all major media platforms – print, newswire, web and broadcast. There Are 40 Billion Reasons to Stay Away from Occidental Petroleum The massive debt is a serious distraction for OXY stock By Chris Markoch Jun 10, 2020, 8:23 am EDT June 9, 2020 Employees in Occidental Chemical and Gulf of Mexico business units would be exempt from the dismissals, according to the newspaper. But the other two are bigger beasts and aren't as highly leveraged as Occidental. That’s literally about the only reason I can see for Occidental Petroleum (NYSE:OXY) to post a nearly 100% gain since mid-March. That bumped the combined entity's total long-term debt to $3.2 billion. That is unlikely to happen with the coronavirus downturn knocking asset prices to near-term lows, and at the very least stripping Chesapeake of the opportunity to monetize them more effectively. Occidental Petroleum laid out a whopping $55 billion for Anadarko, outbidding Chevron by $5 billion. Should Occidental file for bankruptcy, it would probably be the highest profile casualty of the downturn in 2020. An $8.8 billion acquisition of Dunkin’ Brands is also capturing market attention. The layoffs follow its $38 billion acquisition of Anadarko Petroleum. Analysts love these stocks if Democrats sweep the election. Once a rising power-broker of the U.S. oil patch - Occidental Petroleum is now in the doldrums with a junk rating, beholden to Warren Buffett, groaning under the weight of its own debt and the subject of activist investor Carl Icahn's ire. I am a UK-based oil & gas sector analyst and business news editor/writer with over 20 years of experience in the financial and trade press.

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