Occidental

Houston-based independent Occidental Petroleum Corp. (Oxy) said Tuesday it has named Magnolia Oil and Gas Corp. CEO Stephen Chazen as chairman in an apparent concession to activist shareholder Carl Icahn.

A subsidiary of Royal Dutch Shell plc has acquired a 50% operating stake in three ultra-deepwater natural gas blocks from Colombian national oil company Ecopetrol SA, the companies said Friday.

Houston independent Occidental Petroleum Corp., working to improve shareholder confidence after sharply increasing its debt load with the Anadarko Petroleum Corp. takeover, has executed several agreements to enable Western Midstream Partners LP (WES) to operate as an independent company.

Houston-based Occidental Petroleum Corp. said its third quarter production, including combined output from Anadarko Petroleum Corp., is expected to average 1.310-1.369 million boe/d, versus initial guidance of 1.062-1.102 million boe/d.

Houston-based Occidental Petroleum Corp. on Thursday completed its mega tie-up with Anadarko Petroleum Corp. in a transaction including debt now valued at $55 billion.

Anadarko Petroleum Corp., in a quiet period ahead of a vote to merge with Occidental Petroleum Corp., said higher production offset lower commodity prices, with year/year natural gas, oil and liquids volumes climbing overall by almost 17% during the second quarter, exceeding analyst expectations.

Billionaire investor Carl Icahn, who is seeking to usurp four directors at Occidental Petroleum Corp., is alleging the board has mismanaged the takeover of Anadarko Petroleum Corp.

Activist investor Carl Icahn, who holds an estimated $1.6 billion (5%) stake in Occidental Petroleum Corp. (Oxy), has filed a lawsuit over the proposed acquisition of Anadarko Petroleum Corp., which he called misguided and overpriced.

The Permian Basin in West Texas has been chosen to site the world’s largest direct air capture (DAC) and sequestration facility, according to Occidental Petroleum Corp. (Oxy) and Carbon Engineering Ltd. (CE).