Sunday, November 24th, 2024
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WASHINGTON: Chevron Corp on Friday said it will buy Anadarko Petroleum Corp for $33 billion in cash.
With oil prices surging this year, Chevron and larger rival Exxon Mobil Corp have been increasing investment in the Permian basin in West Texas, the most prolific shale oil field in the country.
Their efforts co-occur with a pullback by the little companies that revolutionized the industry through shale drilling, who have had to curtail spending due to investor dissatisfaction with weak returns.
Publish Date : 13 April 2019 17:58 PM
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