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Icahn reportedly sells off Occidental Petroleum's stake after almost three years

Icahn reportedly sells off Occidental Petroleums stake

March 8, 2022: -Icahn, critical of Occidental’s outbidding of Chevron in a May 2019 deal to buy Anadarko Petroleum with $10 billion of financing from Warren Buffett, which campaigns for the ouster of CEO Vicki Hollub for nearly a year when Occidental’s shares plunged in March 2020, which allows Icahn to boost his stake to 10% from 2.5%, according to the Journal.

Now, Occidental’s shares are surging, more than quintupling in value since they sank below $10 per share in 2020, largely thanks to the recent increase in oil prices. According to the Journal, its shares closed Friday at $56.15 apiece; that’s just below where they were before the Anadarko deal was finalized.

On Sunday, Icahn cut his position in Occidental, and he sold the rest of it in recent days, according to a letter Icahn sent to Occidental’s board. Icahn’s two representatives on the Occidental board will also resign, the letter noted, as required by a settlement agreement he had reached with the company two years ago this month.

The Journal, citing sources “familiar with the matter,” reports that Icahn has realized a profit of some $1 billion on the Occidental investment. Buffett, meanwhile, has been buying Occidental recently. As of Friday, Buffett’s Berkshire Hathaway reported owning roughly $5 billion worth of Occidental stock.

According to the Journal, Icahn of late has been focused on smaller utility company Southwest Gas. Last week, the energy firm announced plans to separate a subsidiary Icahn had called for it to sell.

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