• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 12 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 1 day Will Uncle Sam Step Up and Cut Production
  • 5 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 6 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 4 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 14 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 6 hours US Petroleum Demand Strongest Since 2007
  • 22 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 3 days I think I might be wrong about a 2020 shakeout
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
Alt Text

Venezuela Takes Unprecedented Action To Stabilize Currency

Venezuelan President Nicolas Maduro has…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Chevron To Buy Anadarko In $33B Deal

Chevron Corporation said on Friday that it had entered into a definitive agreement to buy Anadarko Petroleum Corporation in a stock and cash transaction valued at US$33 billion that will boost Chevron’s position in the Permian, the Gulf of Mexico, and in liquefied natural gas (LNG).

The acquisition consideration is structured as 75 percent stock and 25 percent cash, providing an overall value of US$65 per share based on the closing price of Chevron stock on April 11, 2019. Based on Chevron’s closing price on Thursday, and under the terms of the agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share.

The total enterprise value of the transaction is US$50 billion, including the assumption of net debt and book value of non-controlling interest, Chevron said today.

“The combination of Anadarko’s premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deepwater Gulf of Mexico capabilities and will grow our LNG business,” Chevron’s chairman and chief executive officer Michael Wirth said in a statement.

“It creates attractive growth opportunities in areas that play to Chevron’s operational strengths and underscores our commitment to short-cycle, higher-return investments,” Wirth added.

Chevron believes that the deal will unlock significant value for shareholders, generating anticipated annual run-rate synergies of approximately US$2 billion, and will contribute to free cash flow and earnings one year after close, the CEO said. Related: Big Oil Faces Multi-billion Dollar Fallout From Algeria Crisis

Following the transaction announcement, Anadarko’s shares surged more than 30 percent in pre-market trade on the NYSE on Friday.

Last month, Chevron had already announced plans to significantly grow its production in the Permian, where the U.S. supermajor has added almost 7 billion barrels of resources and doubled its portfolio value over the past two years. Chevron now expects its unconventional net oil-equivalent production in the Permian to reach 600,000 bpd by the end of 2020, and 900,000 bpd by the end of 2023.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play