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Chevron to buy Anadarko for $33 billion in shale, LNG push

Chevron Corp doubled down on its bet on surging U.S. oil and gas output on Friday, saying it would buy shale producer Anadarko Petroleum Corp for $33 billion (£25 billion) in cash and stock that will make it the second-largest crude producer in the world.

The combined company will produce an estimated 3.9 million barrels of oil equivalent per day (boepd), trailing only Exxon Mobil Corp among publicly traded companies, up from fourth.

It expands Chevron’s reach in two areas where U.S. energy output is breaking records: shale from the Permian Basin of west Texas and New Mexico, and liquefied natural gas (LNG). These have helped make the United States one of the world’s largest energy exporters.Read More

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