Chevron announced on Friday it will acquire oil and gas driller Anadarko Petroleum in a cash and stock deal valued at $33 billion, marking one of the biggest energy sector mergers in years and a transformative moment for one of the industry’s dominant players.
The transaction will expand the second biggest U.S. energy company’s operations in U.S. shale oil and gas production, offshore drilling and liquefied natural gas exports. The deal represents the 11th biggest ever for an energy and power company, according to Refinitiv.
