Chevron is set to acquire Anadarko Petroleum in a deal worth $33 billion to bolster its natural gas and shale operations.The cash and stock deal is valued at $65 per share, 39 per cent higher than the oil company’s closing stock price last week
While Chevron is well-known consumer brand, with eight refineries and about 8,000 gas stations, Anadarko is focused on exploration and production of crude oil and natural gas.
Chevron CEO, Michael Wirth says buying Anadarko will solidify his company’s position in shale-producing parts of the southern United States.
Mr. Wirth adds that the deal will also enhance Chevron’s drilling operations in the Gulf of Mexico, and give the company access to a promising natural gas field in Mozambique.
