Chevron expands in oil-rich Permian Basin with $33B Anadarko takeover

Published April 12, 2019 5:59pm ET



Chevron agreed to pay $33 billion for Anadarko Petroleum on Friday, broadening its access to the largest oil region in the continental U.S. as President Trump pushes the country to produce enough fuel to meet its own energy needs.

The deal, which offers Anadarko investors $65 a share in cash and stock, expands Chevron’s oil production in the Permian Basin, the oil-rich swath of land in western Texas and southeastern New Mexico that’s 250 miles wide and about 300 miles long, as well as deepwater drilling in the Gulf of Mexico.

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