US: Chevron proceeds as planned with Anadarko merger

Even as it faces a higher rival takeover bid, Chevron Corp. is already working on integrating Anadarko Petroleum Corp.

Just two weeks after Chevron agreed to buy Anadarko for $31 billion, executives from both companies have begun planning the combination of their sprawling international operations, Chevron CEO Mike Wirth said Friday.

The Chevron CEO was speaking for the first time publicly since Occidental announced its cash-and-stock proposal for Anadarko earlier this week. Wirth reaffirmed Chevron’s confidence in completing the deal, which he said may happen in the third quarter. He didn’t rule out making a higher offer.

“Is there a point at which you’re done?” he said on Chevron’s first-quarter earnings call. “Of course, the answer to that is yes, there is. This isn’t the time to address that specifically, but we’ve said we will do things that are value-creating for our shareholders.”

Full Content: World Oil

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