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Thursday, 29 January 2015

Occidental CEO jokes Chevron is an unsuitable buyer; lifts stock

The Occidental Petroleum Corp headquarters in Los Angeles By Ernest Scheyder WILLISTON, N.D. (Reuters) - Occidental Petroleum Corp Chief Executive Stephen Chazen quipped on Thursday that his larger rival Chevron Corp was too poor to buy the No. 4 U.S oil producer, but the offhand remark sent Oxy's stock up anyway. "Have you considered selling Oxy?" Wolfe Research's Paul Sankey said. Chazen, an Oxy employee since 1994 and CEO since 2011, responded, "Right now, people are cash flow challenged so I suspect selling Oxy is probably not likely." Then, without Sankey or any other analyst mentioning Chevron, Chazen casually mentioned he had reviewed the second-largest U.S. oil producer's books. "I looked at Chevron and they don't have any free cash," Chazen said on the call.








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