Chevron to spend $33 billion on Anadarko Petroleum as US energy prices take off.
SAN RAMON, Calif. — Chevron will buy Anadarko Petroleum for $33 billion in a cash-and-stock deal as the company seeks to grow stronger in deep water exploration in the gulf and the energy-rich southwest region of Texas called the Permian Basin.The companies put the enterprise value of the deal at $50 billion.
The LNG Wirth referred to is liquefied natural gas. With the deal announced Friday, it gets access to Anadarko’s LNG operations in Mozambique. The combined company will also control a 75-mile-wide corridor across the Delaware basin, just beside the Permian Basin, a region bountiful with natural gas that has been exploited through shale drilling.
With savings the companies plan to book and rising cash flow, Chevron said it will bump up annual stock buybacks to $5 billion, from $4 billion a year, once the transaction is complete.
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