Chevron Corporation announced this month that they have entered into a definitive agreement to acquire Anadarko Petroleum Corporation in a transaction valued at $33 billion dollars. A press release shared by Anadarko states that the acquisition of Anadarko will significantly enhance Chevron’s portfolio. “This transaction builds strength on strength for Chevron,” shares Chevron’s Chairman and CEO Michael Wirth. “…It creates attractive growth opportunities in areas that play to Chevron’s operational strengths and underscores our commitment to short-cycle, higher-return investments.” Anadarko Chairman and CEO Al Walker agrees. “The strategic combination of Chevron and Anadarko will form a stronger and better company with world-class assets, people and opportunities,” says Walker. “I have tremendous respect for Mike and his leadership team and believe Chevron’s strategy, scale and operational capabilities will further accelerate the value of Anadarko’s assets.” An article in Forbes magazine claims that Chevron bought Anadarko in order to gain assets in the Permian Basin in New Mexico and Texas which is considered the world’s top oil-producing region. There has been no official statement on what the acquisition means for the assets located in the Uintah Basin but Small Business Development Center Director Mark Holmes speculates that the higher price trend of natural gas over the last year is a likely motivator for the purchase.
