Chevron and Anadarko Merging in $30+ Billion Deal

Chevron announced on Friday morning that they will acquire Anadarko Petroleum in a cash and stock deal valued at $33 billion.

The deal is expected to enhance Chevrons shale, deepwater, and natural gas operations.

“This takes a great company and makes it even better,” Chevron’s Chairman and CEO Michael Wirth told CNBC as the news broke.

“As our company has strengthened its financial situation over recent years, we’re always looking to make our portfolio even stronger.”

The deal represents the 11th biggest deal in the history of energy and power company acquisitions, Refinitiv reported.