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...Read more on Occidental Petroleum here...
...The last time Occidental Petroleum made a big acquisition, it ended up teetering on the brink of bankruptcy....
...Occidental’s stock price has risen almost 500 per cent since hitting a 20-year low during the oil market upheaval of 2020....
...News of the talks between Occidental and CrownRock was first reported by the Wall Street Journal. Neither company responded to requests for comment....
...The chemicals industry, which sits at the start of a vast number of companies’ supply chains, is seen as a bellwether for industrial production, adding to concern among German politicians and executives...
...Thousands of US lawsuits targeting major chemical companies have been filed and agencies globally are tightening regulation....
..., one of the biggest US oil companies....
...Adnoc declined to comment.At the heart of the matter is the complexity of the transaction and the cross-shareholdings between the companies’ chemicals arms....
...The company said on Friday that it expected 2023 free cash flow of €2.7bn. This would not cover consensus expectations for a dividend payout of €3bn, as compiled by Visible Alpha....
...Endeavor shareholders will own 39.5 per cent of the combined company after the deal closes....
...The company is already working with Carbon Engineering to develop “Direct Air Capture,” a nascent technology that seeks to strip emissions directly from the atmosphere....
...While it isn’t the only public company that has struggled to file its annual report on time this year, it also faces a decent amount of PFAS (or “forever chemicals”) litigation on top of everything else....
...These are largely, but not exclusively, a legacy of its $63bn acquisition of US crops company Monsanto in 2016....
...Onvector, a water treatment company, uses plasma technology where high-energy electrons obliterate the chemicals. Researchers have also joined the cause....
...rather than a food company....
...Investors have a right to know, as they do about the scope 3 emissions of Buffett’s investment in Occidental Petroleum....
...The company, which in 2022 was the best performer on the S&P 500, posted net income of $605mn for the second quarter, down 83 per cent from last year and shy of analyst estimates....
...Still, the company raised its full-year production guidance, with chief executive Vicki Hollub touting “a strong second half of 2023”....
...The statement from McKee, who is also the chair of the International Council of Chemical Associations, which represents the largest petrochemical companies, drew an angry response from environmental campaigners...
...Chief executive Martin Brudermüller will in April leave the company after five years at the helm. He will be replaced by Markus Kamieth, who has been overseeing the company’s expansion plans in China....
...Diamondback itself lost out to Occidental Petroleum in its bid to buy CrownRock, another big private operator in the Permian. Occidental agreed a $12bn deal for the company in December....
...For now, companies are focused on getting their transactions over the line. Exxon, Chevron and Occidental’s deals are being studied by US competition regulators....
...The German chemical company, which has been criticised for investing heavily into China while downsizing in Europe, on Friday said it would sell its shares in two plants making chemicals that go into elastic...
...“We own chemical companies but also, on the demand side, we own cosmetic companies, consumer goods and electronics....
...Swiss agricultural chemicals company Syngenta has called off a $9bn Shanghai listing that would have been one of China’s largest initial public offerings in years, as the country’s stock markets struggle...
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