US oil giant Chevron says will acquire Anadarko for $33 billion
US oil giant Chevron announced Friday it had agreed to acquire all outstanding shares of Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share.
Based on Chevron’s Thursday closing price, Anadarko shareholders will receive 0.39 Chevron shares and $16.25 in cash for each Anadarko share held, the company said. Getty Images/AFP/File/Justin SULLIVAN
Based on Chevron’s Thursday closing price, Anadarko shareholders will receive 0.39 shares of Chevron and $16.25 in cash for each Anadarko share held, the company said in a statement.
The total enterprise value of the transaction is $50 billion.
“The acquisition of Anadarko will significantly enhance Chevron’s already advantaged Upstream portfolio and further strengthen its leading positions in large, attractive shale, deepwater and natural gas resource basins,” the company said.
“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.
“It creates attractive growth opportunities in areas that play to Chevron’s operational strengths and underscores our commitment to short-cycle, higher-return investments.”
Anadarko Chairman and CEO Al Walker added: “The strategic combination of Chevron and Anadarko will form a stronger and better company with world-class assets, people and opportunities.”
For more news your way
Download our app and read this and other great stories on the move. Available for Android and iOS.
