Chevron Bows Out of Anadarko Sweepstakes
Citing cost and capital discipline, Chevron announced May 9 it would not submit a counterproposal to acquire Anadarko in the wake of Oxy’s revised bid. Assuming Anadarko terminates the existing merger agreement, it will have to pay Chevron a $1 billion termination fee. Chevron still intends to increase its annual share repurchases to $5 billion from $4 billion, which it originally planned to do upon closing of the deal. The original offer did not result in a change in our fair value estimate or ...Anadarko Petroleum is an independent exploration and production company. The company also participates in the hard-minerals business through royalty arrangements. The company's reporting segments are as follows: Exploration and Production, which is engaged in the exploration, development, production, and sale of oil, natural gas, and natural-gas liquids (NGLs) and in advancing its Mozambique liquefied natural gas project toward final investment decision; and WES Midstream and Other Midstream, in which these two segments engage in gathering, processing, treating, and transporting the company and third-party oil, natural-gas, and NGL production as well as gathering and disposal of produced water.
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