Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan 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. Investors said Occidental should have disclosed in its stock and bond registration statements how quadrupling its debt load to $40 billion would leave it "precariously exposed" to falling oil prices, and undermine its ability to boost shale oil production and its common stock dividend.

The Zacks Analyst Blog Highlights: EOG Resources, Occidental Petroleum, ExxonMobil, Chevron and BP

Icahn Capital Management releases portfolio updates for 1st quarter Continue reading...

A record number of companies have seen their debt downgraded in the wake of the pandemic. As many institutions are forced to sell these now-junk bonds, that could be a buying opportunity for individuals. Here’s the best way to invest, wherever you are on the risk spectrum.

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U.S. stock index futures surged on Monday with gains spread across stocks ranging from autos to oil as many of the hard-hit countries eased restrictions on business and social activities, boosting hopes of a global economic recovery. Oil and gas heavyweights Exxon Mobil Corp, Chevron Corp and Occidental Petroleum Corp rose between 2.5% and 5% after oil prices surged on the prospect of higher demand. Investors were also encouraged by Federal Reserve Chairman Jerome Powell's views on a recovery and hints on more monetary stimulus if required.

After TOTAL decides against acquiring Occidental's (OXY) Ghana assets, the latter is set to find a new buyer for the same.

To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. It's Thursday, May 21st, and I'm your host Nick Sciple, joining me once again is Motley Fool contributor, Jason Hall. Jason Hall: Running it live right now, buddy; I'm looking at Bloomberg Energy right now.

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Occidental Petroleum Corp. said Monday it informed Total S.A. that it would not be in position to sell its Anadarko assets in Algeria, as part of an understanding with Algerian authorities on the transfer of Anadarko's interests to Occidental. The energy company had completed its acquisition of Anadarko Petroleum Corp. in August 2019. Also in August, Occidental and Total had entered into a an agreement for Total to buy Anadarko's assets in Africa. Separately, Occidental said it was informed by Total that Total was not interested in buying Anadarko's interests in Ghana "in the current circumstances." Occidental said the company's have entered into an agreement in which Occidental can start marketing its Ghana assets to third parties. Occidental's stock shot up 6.5% in premarket trading on Total shares surged 8.2%. Over the past three months through Friday, Occidental's stock has tumbled 66.8%, Total shares have shed 32.1% and the S&P 500 has lost 15.0%.

Halliburton (HAL) told investors it is cutting its dividend by 75%, while National Oilwell Varco (NOV) board suspended the quarterly payout indefinitely to retain cash in the business.

Last week I wrote that this was the end of the Warren Buffett era as Berkshire (BRK)(BRK) underperformed the S&P 500 (SPX)  over the entire 2009-2020 bear market. Many Buffett fans responded by saying don’t count Buffett out yet because when (not if) the market tanks again, he’ll have more than $130 billion in cash to scoop up bargains. Based on Berkshire’s SEC filings, three of Buffett’s biggest recent investments—Kraft Heinz (KHC) , Occidental Petroleum (OXY) , and airline stocks—have lost at least $7 billion altogether out of an investment of roughly $10 billion in each.

Just because oil prices have started going up doesn't mean the worst is over for these companies.

In August 2019, Total and Occidental entered into a Purchase and Sale Agreement in order for Total to acquire Anadarko’s assets in Africa. Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets. The purchase and sale agreement provided that the sale of the Ghana assets was conditional upon the completion of the Algeria assets’ sale.

Oil output in America’s largest shale basins is dropping quickly, and is expected to fall to a two-year low within the next couple of weeks

Occidental Petroleum's (NYSE: OXY) deal to sell its assets in Ghana to French oil giant Total (NYSE: TOT) has unraveled. Total called off the planned transaction after it wasn't able to acquire Occidental's assets in Algeria, which was a condition of the deal. Occidental initially planned to flip its entire African portfolio to Total following its acquisition of Anadarko Petroleum for $8.8 billion.

Oil drillers in the Permian basin continue to remove rigs since the coronavirus pandemic dented global energy demand.

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The oil price collapse is forcing potential buyers of oil and gas fields to try and renegotiate deals or otherwise abandon them entirely

U.S. stock indexes were set to open sharply higher on Monday on optimism fueled by encouraging data from a potential COVID-19 vaccine trial, with investors also counting on more stimulus to rescue the economy from a deep economic slump. Drugmaker Moderna Inc said its experimental vaccine for COVID-19 showed promising results in an early stage study. Markets were also encouraged by Federal Reserve Chairman Jerome Powell's remarks over the weekend on a gradual economic recovery, and his affirmation that more monetary stimulus was on the way if required.