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Home / Business / Chevron's $ 33B agreement for Anadarko carries out energy merger fever at Investing.com

Chevron's $ 33B agreement for Anadarko carries out energy merger fever at Investing.com



© Reuters.

Investing.com – Merger Fever Battled the Energy Sector Friday as Chevron 's 33 billion dollar deal to buy Anadarko Petroleum triggered speculation on further industry coherence.

Chevron (NYSE 🙂 agreed to pay $ 65 per Anadarko (NYSE 🙂 stock in cash and cash and send Anadarkos shares up almost 33%. The merger will create an oil production power plant with a total value of around $ 50 billion.

Chevron said the deal would improve its upstream portfolio and strengthen its positions in large slate, deep water, and natural gas pools.

The merger, which is expected to close in the second half of the year, will reach $ 1

billion in interest cost synergies and $ 1 billion in downsizing over a year after closure, according to the companies.

Shareholders are also set to receive a large fall, as Chevron plans to increase its buyback program to $ 5 billion from $ 4 billion after the merger is completed.

Chevron was not the only boss with eyes on Anadarko.

Occidental Petroleum (NYSE 🙂 had offered $ 70 per share in cash and shares, CNBC reported, citing non-named sources. Occidental can show his attention to other Permian major shale players now.

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