Chevron is paying $33 billion to acquire Anadarko Petroleum in a massive deal that will bolster its natural gas and shale operations
The cash and stock deal announced Friday values Anadarko at $65 per share, 39% higher than the oil company's closing stock price on Thursday.Although Chevron is well-known consumer brand, with eight refineries and nearly 8,000 gas stations, Anadarko is focused on exploration and production of of crude oil and natural gas. It sells its product to other companies that refine it.But Anadarko has significant holdings, with the equivalent of 1.5 billion barrels of proved reserves.
"This brings together two sets of assets that fit very well," said Wirth on an interview on CNBC Friday.Chevron said it would issue 200 million new shares and use $8 billion in cash to fund the purchase. It will also assume $15 billion in debt. Annual cost savings of $2 billion will be achieved within a year of the deal closing, according to Chevron, which also plans to sell assets worth up to $20 billion between 2020 and 2022. Wall Street taught oil drillers restraint.
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