The Rising Influence of Rising Affluence

[DewDiligence]

CVX CC notes re APC and other matters:

CVX acknowledges that OXY's (unsolicited) offer for APC will lengthen the amount of time until deal closure, but the CEO's tone on today's CC was thinly-veiled dismissiveness of OXY as a serious suitor.

CVX says the proportion of cash in its APC offer is the amount APC's BoD wants. (Less cash is better for most APC shareholders from a tax standpoint.)

(Unlike OXY), CVX does not need a vote of its own shareholders to approve any APC deal.

CVX repurchased fewer shares during 1Q19 than the previously issued guidance due to the suspension of buybacks during discussions leading to the announcement of the APC merger offer. Following closing of the APC merger, CVX expects to buy back $1.25B of stock each quarter.