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Chevron to buy Anadarko for $33 billion

Credit: Reuters Studio
Published 1 week ago - Duration: 01:08s

Chevron to buy Anadarko for $33 billion

Chevron on Friday said it will buy Anadarko Petroleum for $33 billion in cash and stock to bolster its position in shale oil and the liquid natural gas (LNG) market with the biggest industry merger since Royal Dutch Shell bought BG Group in 2016.

Yahaira Jacquez reports.

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Chevron to buy Anadarko for $33 billion

Chevron on Friday unveiled plans to buy Anadarko Petroleum in a massive deal that would beef up the American oil giant's position in shale and natural gas production.

The price tag: 33 billion dollars in cash and stock, making it the biggest deal in the energy sector since Shell's $53 billion acquisition of BG Group in 2016.

Anadarko's shares shot up after the announcement.

For Chevron, the deal would boost its operations in the Permian Basin of west Texas and southeast New Mexico, the nation's largest shale oil field.

It would also expand Chevron's drilling operations in the Gulf of Mexico and bolster its exposure to liquefied natural gas, known as LNG.

This is critical for the California-based company since climate change has made natural gas the preferred fuel.

Chevron said it expects the deal to close in the second half of the year, though it is still subject to regulatory approvals.

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