Jakarta – The giant oil and gas company Chevron will acquire another oil and gas company Anadarko Petroleum for US $ 33 billion, equivalent to Rp. 468.6 trillion (exchange rate of Rp. 14,200).
Quoting CNN Business, Chevron bought Anadarko’s shares for US $ 65 per share or 39% higher than the closing price of the previous day.
Later Anadarko is focused on exploring and producing crude oil and natural gas. This is because Anadarko has oil reserves of up to 1.5 billion barrels. This makes Anadarko one of the largest exploration and production companies in the world.
Chevron (CVX) CEO Michael Wirth explained that buying Anadarko would strengthen Chevron in the oil business in South America. He said, this acquisition would enhance Chevron’s drilling operations in the Gulf of Mexico and expand access to natural gas fields in Mozambique.
“This acquisition brings together two very good assets,” Wirth said.
Wirth explained, Chevron will issue 200 million new shares and targets to be able to reap US $ 8 billion to purchase this company. In addition, Chevron will also bear a debt of US $ 15 billion.
Chevron expects the purchase agreement to be completed in the second half of this year. Depends on the approval of Anadarko shareholders and regulators.