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Anadarko Petroleum sheds new light on Western finance



The Anadarko Petroleum logo can be seen on a contractor's hard hat on the company's oil rig in Fort Lupton, Colorado.

Jamie Schwaberow | Bloomberg | Getty Images

Anadarko Petroleum has released new financial details on Monday for its proposed combination with Occidental Petroleum, which shows that the acquirer did not expect to generate enough cash for its shareholders' payments by 2022. Campaign for the dismissal of four directors by Occidental, on the grounds that his board has closed the $ 38 billion deal to prevent Occidental from becoming a takeover target. He has attacked the deal as too expensive and for lack of a Western shareholder vote.

Anadarko said in a regulatory filing that he had changed his merger power in response to a lawsuit alleging he had not communicated to his shareholders all the details of the transaction's cash sale. Shareholders are to vote on the sale on 8 August.

An Anadarko spokesman did not immediately respond to requests for comments.

The revisions include forecasts that these documents were provided by Occidental management and were adjusted by Anadarko's executives. The free cash flow of the standalone entity would fall below the dividend payment in each of the next three years. The shortfall increased according to proxy revision every year until 2021

.

Companies that do not generate enough free cash flow to cover expenses such as dividends typically need to lend or sell assets to cover the underfunding.

The New Details This includes an estimate of $ 8.4 billion in Anadarko's stake in Western Gas Partners, a publicly traded natural gas processing, storage and pipeline company. This share is expected to be offered for sale after the merger.


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