Chevron is paying US$33 billion to acquire Anadarko Petroleum in a massive deal that will bolster its natural gas and shale operations.
Although Chevron is well-known consumer brand, with eight refineries and nearly 8,000 gas stations, Anadarko is focused on exploration and production of of crude oil and natural gas. It sells its product to other companies that refine it.
But Anadarko has significant holdings, with the equivalent of 1.5 billion barrels of proved reserves. That makes it one of the world’s largest independent exploration and production companies.
Chevron CEO Michael Wirth said in a statement that buying Anadarko would solidify his company’s position in shale-producing parts of the southern United States.
He said it would also enhance Chevron’s drilling operations in the Gulf of Mexico, and give the company access to a promising natural gas field in Mozambique.