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Chevron Announces Agreement to Acquire Anadarko

Chevron Corporation (NYSE: CVX) announced today that it has entered into
a definitive agreement with Anadarko Petroleum Corporation (NYSE: APC)
to acquire all of the outstanding shares of Anadarko in a stock and cash
transaction valued at $33 billion, or $65 per share. Based on Chevrona??s
closing price on April 11, 2019 and under the terms of the agreement,
Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25
in cash for each Anadarko share. The total enterprise value of the
transaction is $50 billion.


The acquisition of Anadarko will significantly enhance Chevrona??s already
advantaged Upstream portfolio and further strengthen its leading
positions in large, attractive shale, deepwater and natural gas resource
basins. Furthermore, Western Midstream Partners, LP (NYSE: WES) is a
successful midstream company whose assets are well aligned with the
combined companiesa?? upstream positions, which should further enhance
their economics and execution capabilities.


"This transaction builds strength on strength for Chevron,a?? said
Chevrona??s Chairman and CEO Michael Wirth. "The combination of Anadarkoa??s
premier, high-quality assets with our advantaged portfolio strengthens
our leading position in the Permian, builds on our deepwater Gulf of
Mexico capabilities and will grow our LNG business. It creates
attractive growth opportunities in areas that play to Chevrona??s
operational strengths and underscores our commitment to short-cycle,
higher-return investments.a??


"This transaction will unlock significant value for shareholders,
generating anticipated annual run-rate synergies of approximately $2
billion, and will be accretive to free cash flow and earnings one year
after close,a?? Wirth concluded.
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