Chevron Corp unveiled a $33 billion takeover of Anadarko Petroleum Corp on Friday, bolstering its position in shale oil and liquid natural gas production with the biggest industry merger since Royal Dutch Shell bought BG Group in 2016.
(Reuters) – Chevron Corp unveiled a $33 billion takeover of Anadarko Petroleum Corp on Friday, bolstering its position in shale oil and liquid natural gas production with the biggest industry merger since Royal Dutch Shell bought BG Group in 2016.
With oil prices surging this year, Chevron and larger rival Exxon Mobil have been doubling down on investments in the United States’ Permian basin, one of the main centers of a boom in shale oil exploration.
Chevron said the deal to buy Anadarko, one of the biggest remaining U. S. independent producers, would give the combined company a 75-mile-wide corridor across the Permian’s Delaware basin as well as Anadarko’s Mozambique LNG project, part of one of the industry’s largest planned current investments.
