Just when I was going to write a wonderfully motivating hottake on team work…. some guy name Buffet shoved Anadarko back in the spotlight. 8% is really hard to make on large amounts of capital without taking a lot of risk- and through 2008 and the financial crisis, Buffet made a killing supporting banks with great preferred returns and warrants. So one must take notice when he commits 10 billion (with Warrant kickers) to Oxy’s bid for APC. Not surprisingly, the market re-valued CVX with a lower probability of winning and reflected Oxy’s higher likelihood bid by driving their stock lower. If I’m Chevron, and I love me some Permian- their is another company I would covet more than APC. Let’s see how quickly “it” gets into play.