The Woodlands, Texas – April 18, 2019: Chevron is set out to purchase Anadarko Petroleum for $33 billion in a cash-and-stock deal. The multinational energy corporation is expanding to southwest Texas in order to gain access to the energy-rich gulf.
Anadarko Petroleum is headquartered in The Woodlands, Texas.
“This transaction builds strength on strength for Chevron,” said Chairman and CEO Michael Wirth. “The combination of Anadarko’s premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deep water Gulf of Mexico capabilities and will grow our LNG business.”
LNG refers to liquefied natural gas, which Chevron will gain access to with Anadarko’s LNG operations in Mozambique.
Chevron plans to divest Anadarko of $15 billion to $20 billion of assets in order to lower debt and return additional money to shareholders.
Chevron Corp. will maintain its headquarters in San Ramon, California. Wirth has stated that the company will maintain the office locations in The Woodlands and is working to minimize layoffs and job cuts.
Anadarko employs around 4,700 people in the Houston area and the headquarters stand out as the tallest buildings in the community.
The deal is expected to close in late 2019 and still needs the approval of Anadarko Petroleum Corp. shareholders and regulators.