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Photo: Steve Nehf/The Denver Post via Getty Images

Oil-and-gas giant Chevron Corp. said Friday that it has agreed to acquire the big independent player Anadarko Petroleum Corp. in a $33 billion cash and stock deal.

Why it matters: Chevron, the second-largest U.S.-based multinational oil company, said the move would bolster its position in key domestic fields — notably the surging Permian Basin region of Texas and New Mexico, which produces over 4 million barrels of oil per day.

What they're saying: "The combination of Anadarko’s premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deepwater Gulf of Mexico capabilities and will grow our LNG business," Chevron CEO Mike Wirth said in a statement.

Quick take: The deal underscores how oil majors are aggressively expanding their operations in the onshore shale business, especially in the Permian.

  • "The combination of the two companies will create a 75-mile-wide corridor across the most attractive acreage in the Delaware basin," the announcement says, referring to a portion of the Permian that's confusingly named after another state.
  • However, the deal is not solely about bolstering U.S. assets. "Chevron will gain another world-class resource base in Mozambique to support growing LNG demand," the announcement notes.

By the numbers: The total value of the deal, including Chevron's assumption of Anadarko's debt, is $50 billion.

What's next: The transaction will be 75% stock and 25% cash with an overall value of $65 per share, the companies said. Both companies' boards of have signed off on the deal, and they expect it to close during the second half of the year.

  • The transaction must still be approved by Anadarko shareholders and regulators, the joint announcement notes.

Go deeper: Permian drillers' $100 million pledge for the region

Go deeper

Restaurant software meets the pandemic moment

Illustration: Annelise Capossela/Axios

Food delivery companies have predictably done well during the pandemic. But restaurant software providers are also having a moment as eateries race to handle the avalanche of online orders resulting from severe in-person dining restrictions.

Driving the news: Olo filed last week for an IPO and Toast is rumored to be preparing to do the same very soon.

Bryan Walsh, author of Future
2 hours ago - Technology

How the automation economy can turn human workers into robots

Illustration: Sarah Grillo/Axios

More than outright destroying jobs, automation is changing employment in ways that will weigh on workers.

The big picture: Right now, we should be less worried about robots taking human jobs than people in low-skilled positions being forced to work like robots.

House passes $1.9 trillion COVID relief package

Photo: Screenshot via C-SPAN

The House approved President Biden's $1.9 trillion COVID relief package on a 219-212 vote early Saturday morning, sending it to the Senate for a possible rewrite before it gets to Biden's desk.

The big picture: The vote was a critical first step for the package, which includes $1,400 cash payments for many Americans, a national vaccination program, ramped-up COVID testing and contact tracing, state and local funding and money to help schools reopen.