Deals
Chevron Leaps to ‘Ultramajor’ Oil Status With Anadarko Deal
- U.S. giant to pay 39% premium in $33 billion cash-stock deal
- Battle may continue for Anadarko on report of Occidental bid
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Chevron Corp. agreed to buy Anadarko Petroleum Corp. in a $33 billion deal that adds U.S. shale oil and African liquefied natural gas and puts it in the top ranks of the world’s largest energy companies.
The takeover puts Chevron neck-and-neck with the oil and gas production of Exxon Mobil Corp. and Royal Dutch Shell Plc, both of which have dominated Big Oil over the past decade. The combined company’s cash flow last year, $36.5 billion, would have exceeded Exxon’s.