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- Manlobbi
Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
No. of Recommendations: 1
Brk not directly involved, but Buffett did visit her. From Barron’s, “” Occidental said it plans to pay for the $12 billion acquisition through the purchase of $9.1 billion of new debt, and the issuance of about $1.7 billion of common equity. It also will assume CrownRock’s $1.2 billion of existing debt.“”
No. of Recommendations: 0
Interview on cnbc just ended at 523 Pac time.
No. of Recommendations: 11
Watched Vicki’s interview. Few highlights:
As noted, $10.8B net of debt deal. “Best assets we’ve ever had”, 80% of OXY production is now in U.S., we now have “incredible inventory”, deal is “Highly accretive to FCF”, focus on reducing debt will continue, share buybacks will still be a priority, deal provides even more scale in Permian Basin, she said OXY will be able to step up dividend by 22% in April and can sustainably grow the dividend. Goal to lower the residual “Anadarko debt” down to $15B. They plan to Divest out of their lower quality assets they own, she said timing is perfect for them to grow scale now, BRK is NOT involved in financing This particular deal, they are betting on their very best assets & will max. shareholder return, she emphasized their great team combined with Crown Rock’s great team and assets. No layoffs are planned but will use people wisely. They feel WTI will average around $80, price is less today based on supply as US is producing 13.2M barrels/day and has been loosened rest. on Venezuela & Iran supply. $40 is OXY’s break even, cautions OPEC with over supply potential. She confirmed OXY jet WAS in Omaha and she did indeed meet with WEB who must have weighed in on the topic and decision. Overall, she sounded confident and excited about the deal long-term.
I don’t follow this space too well but if WEB gives it his stamp of approval, it suits me and Vicki seems to be doing well.
No. of Recommendations: 5
"“The jet was there,” Hollub said. “I’m not always there to talk about business. I talk about other things with Warren Buffett. He’s an amazing person to get the opportunity to speak to and I feel grateful and fortunate that I’m able to go and have opportunities to speak to him.”"
Someone should tap Vicki on the shoulder and remind her that if she's flying around on the OXY corporate jet it better be about business.
No. of Recommendations: 5
Someone should tap Vicki on the shoulder and remind her that if she's flying around on the OXY corporate jet it better be about business.
...or fly more anonymously with Netjets...
No. of Recommendations: 6
Maybe, by the OXY jet being “seen” in Omaha it was a tactic to push away other potential bidders knowing the deep pockets of BRK. Sort of like the story of J.P.Morgan walking around Wall Street with the young fellow looking for investors. Morgan did not invest in the fellow, but other folks who witnessed the walk around with Morgan did.
Uwharrie
No. of Recommendations: 4
Someone should tap Vicki on the shoulder and remind her that if she's flying around on the OXY corporate jet it better be about business.
In my rare experience in those circles, I once took a top oil company exec to his corporate jet to fly from Nantucket to Alaska for some salmon fishing. It seemed a bit over the top. A few days before he was very critical about Exxon's slow response to the Exxon Valdez debacle. He was certain he would have been much more engaged, more on the scene, would made better and quicker decisions. As we drove through a side gate onto the runway he said "I'm just glad I'm not headed for the North Sea. We had a tanker stuck on a sandbar yesterday afternoon, which floated free at 2 am with the high tide." He was not comfortable without his jet to keep him available and ready to respond 24/7. Not sure it wasn't an inflated idea of his importance, but that was how he thought and worked.
No. of Recommendations: 6
The oil executive you describe apparently thinks he needs to be able to respond very quickly to any disaster. And critized Exxon's response to the Valdez spill.
Just for the record, British Petroleum was responsible for the oil spill response immediately after the spill occurred. Below is a comment from CBS in an article written at the time of the Gulf of Mexico blowout.
The Alaska spill leaked nearly 11 million gallons of crude, killed countless wildlife and tarnished the owner of the damaged tanker, Exxon.
Yet the leader of botched containment efforts in the critical hours after the tanker ran aground wasn't Exxon Mobil Corp. It was BP PLC, the same firm now fighting to plug the Gulf leak.
BP owned a controlling interest in the Alaska oil industry consortium that was required to write a cleanup plan and respond to the spill two decades ago. It also supplied the top executive of the consortium, Alyeska Pipeline Service Co. Lawsuits and investigations that followed the Valdez disaster blamed both Exxon and Alyeska for a response that was bungled on many levels.https://www.cbsnews.com/news/bp-played-central-rol...Immediate response to the spill was slow and needed equipment was unavailable - covered by snow and poorly maintained.
Exxon asked the Coast Guard for permission to take over the spill response after 24 hours and it was granted. But valuable time had been lost during which the spill might have been better contained. Exxon's response wasn't perfect - it was long and expensive. I have friends who worked on it.
BP unfortunately had a long track record of putting profit before safety according to OSHA reports. This included several deaths at their Texas City refinery, leaks from corrosion of the Alyeska pipeline, and safety maintenance at the offshore platform that had the Gulf blowout. Exxon and other major oil firms did a lot of work behind the scenes to bring the BP blowout under control.
Makes me wonder how well informed your high level executive was.
No. of Recommendations: 3
//
"Someone should tap Vicki on the shoulder and remind her that if she's flying around on the OXY corporate jet it better be about business."
CEO's and their jets -- Warren and Charlie on Warren's use of the Indefensible:
https://www.youtube.com/watch?v=OhIEqKIf7yU&ab_cha...
No. of Recommendations: 7
Makes me wonder how well informed your high level executive was.
Trust me, he knew more about it than either of us! Probably my mistake, when he said "we would have handled it better", I assumed he was criticizing Exxon. Actually, every company had made various promises as to availability of response plans and equipment. No surprise here that BP was particularly negligent. The pipeline partners conducted a internal review as to how well they had lived up to their promised readiness and found none of them really had upheld their obligations.
No. of Recommendations: 1
Just for the record, British Petroleum was responsible for the oil spill response immediately after the spill occurred. Below is a comment from CBS in an article written at the time of the Gulf of Mexico blowout.
Alyeska is run by a consortium of oil companies which includes Exxon.
No. of Recommendations: 0
I bought PSX and OXY at about the same time: PSX up big, OXY down slightly. PSX pays divi's at 3x OXY: I owned DVN in 2022 but sold after it quickly ran up.
Deals being made at OXY but nothing showing up in the stock. What does WEB project?
