US oil giant Chevron says will acquire Anadarko for $33 billion

Chevron announced Friday it will acquire smaller US rival Anadarko for $33 billion in a deal that strengthens the oil giant's exploration and production holdings in its home market. The cash-and-stock transaction is centered on Anadarko's properties in the Permian Basin in Texas and the Gulf of Mexico, two areas where Chevron is already a big player and where economies of scale can help drive value with suppliers and in key drilling and production operations. Anadarko also has a handful of overseas ventures, including a major liquefied natural gas project in Mozambique that Chevron said would help bolster one of Chevron's major global businesses.

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