Occidental Petroleum Corp. plans to sell Anadarko Petroleum Corp.'s Africa assets to Total SA if it completes a deal for the company. The announcement by Occidental, which is in a contest with larger rival Chevron Corp. to buy Anadarko that has each company bidding in excess of $30 billion, is part of a plan by Occidental to sell assets to improve its balance sheet if it can complete the purchase of Anadarko. The assets, which would sell for $8.8 billion, include Anadarko's multibillion-dollar Mozambique project and other developments in Algeria, Ghana and South Africa. "The $8.8 billion value to be received for Africa represents an attractive value based on our extensive evaluation over the last 18 months," said Occidental Chief Executive Vicki Hollub. Occidental previously had disclosed plans for roughly $10 billion to $15 billion in asset sales following a deal for Anadarko.

Source: Wall Street Journal May 05, 2019 18:33 UTC