Chevron will buy Anadarko Petroleum for $33 billion in a cash-and-stock deal as the company seeks to grow stronger in deep water exploration in the gulf and the energy-rich southwest region of Texas called the Permian Basin.
The companies put the enterprise value of the deal at $50 billion.
There has been some pressure in energy markets as OPEC tries to push prices higher through production cuts. Still, U.S. crude was selling for less than $65 per barrel Friday. That's far from levels well above $100 per barrel reached just before the economic downturn in 2008, and there are signals that global economic growth is slowing.
Chevron plans to divest $15 billion to $20 billion of assets between 2020 and 2022, with proceeds being used to lower debt and to return additional cash to shareholders, the company said.
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