Business & Tech
Chevron Acquires Woodlands-Based Anadarko Petroleum For $33B
Chevron Corp. acquisition of Anadarko enhances their deep water exploration activities and natural gas exploration in west Texas.
THE WOODLANDS, TX — The Chevron Corporation announced Friday the company will acquire The Woodlands-based Anadarko Petroleum for $33 billion in cash and stock options, a move that will better optimize deep water exploration in the gulf and the energy-rich southwest region of the Texas Permian Basin.
The deal, which will close before the end of 2019, is said to be worth about $50 billion.
“The strategic combination of Chevron and Anadarko will form a stronger and better company with world-class assets, people and opportunities,” Anadarko CEO Al Walker said in a press release.
As part of the deal, shareholders of Anadarko stock will receive 0.3869 shares of Chevron and $16.25 in cash for each share they own, or $65 per share.
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Chevron will remain based in California, and Chairman and CEO Michael Wirth will remain at the helm. There’s no word yet on what role Walker will play within the organization.
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