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Occidental’s midstream and marketing segment purchases, markets, gathers, processes, transports and stores hydrocarbons and other commodities. While the price of oil is one factor weighing on the sector, Occidental in general is also struggling after outbidding Chevron (CVX) to acquire Anadarko.

“We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our Board and management team is on execution to achieve the promise of this exciting combination. He just did the deal in 90 minutes.

Icahn was a vocal critic of Occidental Petroleum’s deal to buy Anadarko Petroleum, a … One of our administrators will review your comment before posting it onto the website.Sign-up for World Oil Daily NewsThe closing of the transaction follows approval of the transaction by Anadarko’s shareholders at a Special Meeting held earlier today. Potential buyers would be the handful of large companies with deepwater experience, including Royal Dutch Shell, Exxon Mobil, Total and Chevron.Hollub already has one big sale lined up: France’s Total SA agreed to pay $8.8 billion for Anadarko’s oil-and-gas producing assets outside the United States, including its biggest future expense, a multibillion-dollar liquefied natural gas project in Mozambique.“An acquisition is more often viewed as a confession of poor drilling locations and a failure of prior strategy,” Dittmann said.Reporting by Jennifer Hiller; Editing by Brian Thevenot“We will make this work,” Hollub vowed.

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But she shouldn’t count her winnings just yet. Chevron ( NYSE:CVX ) initially agreed to pay nearly a 40% premium for Anadarko.

The whole thing is a travesty."Since Hollub started as CEO, "the value of Occidental has dropped $23.7 billion, down 41%," he continued, adding that major energy ETFs are down far less over the same period. Hollub has praised it for its “amazing free cash flow,” and M&A analysts say could be worth at least $6 billion.“The company does have a good track record of being able to sell noncore assets at good prices,” said Carol Levenson, director at corporate bond research firm Gimme Credit.What Hollub doesn’t want to sell is the merger’s top prize, Anadarko’s acreage in the top U.S. shale field, the Permian Basin. The company’s view of pipeline assets, said finance chief Cedric Burgher to analysts, is “you don’t need to own” them, only to have the right to use them.That means the acquisition’s success will depend on how quickly Occidental can sell off some of Anadarko’s assets and focus on optimizing and integrating the assets it keeps - especially prime U.S. shale fields.The Gulf of Mexico business provided nearly a quarter of Anadarko’s oil and gas output while consuming just 19 percent of production spending. Occidental declined to comment on Icahn's criticism."They didn't have to give Warren — I mean Warren did a great job for himself and Berkshire ... but they didn't have to give him a $1.5 billion gift," Icahn said in the interview on CNBC's "Halftime Report."As part an agreement struck with Occidental's management, Buffett receives 100,000 shares of cumulative perpetual preferred stock with a value of $100,000 per share and an annual dividend of 8%.