• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 15 mins americavchina.com (otherwise known as OilPrice).
  • 6 hours Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 16 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 1 day Natural Gas
  • 9 hours Iraq war and Possible Lies
  • 9 hours POTUS Trump signs the HK Bill
  • 21 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 12 hours READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation test wells . . . Shale going bust . . . LAUGHABLE
  • 2 days 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 2 days Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial backing . . . Support "Carried Interest" . . Leave it alone
  • 2 days Winter Storms Hitting Continental US
  • 1 day Aramco Raises $25.6B in World's Biggest IPO
  • 2 hours Everything you think you know about economics is WRONG!
  • 1 day My interview on PDVSA Petrocaribe and corruption

Breaking News:

Surprise Crude Build Threatens Oil Rally

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