Friday, 19 April, 2019

Chevron reaches agreement to acquire Anadarko

Chevron buying Anadarko for $33 billion as crude prices rise A Chevron sign in Miami
Russell Knight | 14 April, 2019, 19:46

The deal adds acreage and production in the prolific Permian shale basin of West Texas and south-east New Mexico and also increases Chevron's exposure to LNG at a time when natural gas is being viewed as the most favored transition fuel in the fight against climate change. The Houston-based company's willingness to ink a sale, rather than capitalize on oil prices rebounding, illustrates the significant challenges facing many U.S. shale producers.

The acquisition is however subject to Anadarko shareholder approval and regulatory approvals and other customary closing conditions. Chevron fell as much as 5.6 per cent.

Chevron will acquire all outstanding shares of Anadarko in a cash and stock deal for £25.2bn, or $65 per share (£49.71).

Chevron, which already has 2.3 million acres in the Permian Basin, said the combined company would have a 75-mile (120-km)-wide corridor across the Permian's DE basin, on the Texas-New Mexico border.

It is the largest oil and gas deal since Shell bought BG Group in 2015.

Following the transaction announcement, Anadarko's shares surged more than 30 percent in pre-market trade on the NYSE on Friday.

The purchase would move Chevron into the same ranks as Exxon Mobil and Shell, its larger rivals, by expanding its shale business in the United States.

"It creates attractive growth opportunities in areas that play to Chevron's operational strengths and underscores our commitment to short-cycle, higher-return investments", Wirth added.

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The deal announced Friday comes with USA crude prices up 40% this year and vaults Chevron into a new league. "It gives the combined entity the ability to high-grade its assets and focus on where the best cash returns are".

The deal might put pressure on Shell to seek assets in the Permian Basin, where the Anglo-Dutch company has said it wants to grow.

Occidental Petroleum Corp. made a $70-per-share offer for Anadarko, according to a person familiar with the matter.

Chevron, valued at $227 billion, is America's second largest oil company, behind the $343 billion Exxon.

It comes after the firm said a year ago it is seeking to sell all of its Central North Sea assets as it refocuses on the USA shale market. The stock had a trading volume of 102,312,152 shares, compared to its average volume of 4,903,243.

Occidental Petroleum has tried to buy the company and even outbid Chevron as price per share, but their offer contained more cash, which would have required a shareholder vote, so Anadarko sticked with Chevron's offer eventually.

"As our company has strengthened its financial situation over recent years, we're always looking to make our portfolio even stronger", Chevron chief executive Michael Wirth said in an interview on CNBC on Friday morning, where he announced the deal. Chevron will issue 200 million shares and pay US$8 billion in cash. As a group, equities analysts expect that Anadarko Petroleum will post 1.66 EPS for the current fiscal year. Credit Suisse Securities (USA) LLC is Chevron's financial adviser, while Paul, Weiss, Rifkind, Wharton & Garrison LLP is its legal adviser.

"We expect the Anadarko acquisition to close during the second half of 2019".

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