Occidental: Anadarko Casts a Long Shadow

Occidental: Anadarko Casts a Long Shadow

The unflattering saga of Occidental Petroleum 's outsize, overleveraged acquisition of Anadarko Petroleum last year is probably one that Chief Executive Officer Vicki Hollub would rather forget. Last quarter's earnings show that the reminders will linger for quite a while.



Occidental reported that total revenue in the quarter ended June 30 was just under $3 billion, roughly 75% of what analysts had expected. Its net loss was a whopping $8.4 billion as the company took impairment charges of roughly $6.6 billion.



The most distressing memento of the hard-fought deal is Occidental 's gigantic debt burden. Net long-term debt, at $36 billion, is now more than twice the company's market capitalization and it has roughly $10 billion of it coming due between now and 2022.



While Occidental notes that