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How Greed will result to damage so much and so many (1 Viewer)


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Jan 22, 2019
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Second U.S. shale boom's legacy: Overpriced deals, unwanted assets

n May 2019, Occidental bought Anadarko Petroleum for $38 billion, taking on debt to outbid oil major Chevron Corp in a big bet on bigger growth in the largest U.S. oil patch in Permian Basin. The combined company was worth about $80 billion when the deal was announced, but is now worth just $12.1 billion.

Occidental cut expected capital expenditure for this year by more than half after oil prices plummeted, and dropped its quarterly dividend to a penny per share.

"You took a company (Occidental) that was healthy, and potentially an acquisition target itself, and it looks like you created a much larger unhealthy company," said one energy M&A lawyer.

There are few exit strategies for companies holding unwanted assets and acreage. Some, like Occidental, are seeking to sell assets to pay down debt even though buyers are scarce. Others will likely be forced to unload stakes at a loss.

Those at the top and those in the financial industry made a fortune on the overly aggressive obsessions, until they gave attention to nothing but "greed by speed"... and they failed to pay attention... "Blindness by the Obsessions of More Money_ "Fast".
Now the workers will suffer because of the speed of greed.

They damaged a lot of roads in a lot of areas, and pumped a lot of toxins into the earth..... Now, the results of "greed by speed to chase greed".

Acres and Acres of excessive volumes of Equipment are scattered across the country. The beneficiaries of profit, banks, purchasing agents, executive making purchasing deals and all within the Administrative Circle.... Screwed working people again!!!

There was never a need to try to suck the earth dry in record time. America learned nothing for the excessive drilling and pumping in the 1920-1950's... by the 1960's and 1970's.. they'd sucked oil fields dry... with multiple derricks pumping from the same pool of oil... as if they pretend that each well was doing something unique. When fact was, they could not suck out the oil fast enough in the pursuit to gather money.

Wait till the truth comes out, and the public pays, because of all these bad loans.
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