Occidental Ripe for Icahn-Like Treatment as Stock Slides: Energy
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Activist investors from Carl Icahn to Daniel Loeb are amassing stakes in energy companies to replace directors and spin off assets dragging down valuations amid record oil prices.
Shareholder interventions have been staged for U.S. oil and natural gas producers with more than $100 billion in collective market value since the beginning of 2012 as energy stocks failed to match the surge in crude prices, according to data compiled by Bloomberg. Targets that included Chesapeake Energy Corp., Hess Corp., Murphy Oil Corp. and SandRidge Energy Inc. have been censured by unsatisfied investors for everything from sloppy financial controls to self-dealing by executives.