Anadarko Petroleum Corp. Chief Executive Officer Al Walker will receive a golden parachute worth $98 million following the oil producer’s $38 billion sale to U.S. rival Occidental Petroleum Corp.
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The payout is part of $300 million to be shared among six Anadarko senior executives, also including President Robert Gwin and Chief Financial Officer Ben Fink, according to a filing with the Securities and Exchange Commission published Friday.
Occidental, which had been pursuing Anadarko for almost two years, trumped Chevron’s competing bid last month in what will be the largest takeover in the industry for four years.
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