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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

Updated 1 hour ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: CDC director says number of U.S. Omicron cases "likely to rise" — Two years of COVID-19 — Prior coronavirus infections may not protect well against Omicron.
  2. Vaccines: Data demonstrates most-vaccinated counties less vulnerable to worst of COVID — Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate.
  4. World: Vaccine mandates lose steam in the U.S. while Europe doubles downWHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming.
  5. Variant tracker: Where different strains are spreading.

Vulnerable Democrats: Less Trump talk

Illustration: Aïda Amer/Axios

Vulnerable House Democrats are convinced they need to talk less about the man who helped them get elected: President Trump.

Why it matters: Democrats are privately concerned nationalizing the 2022 mid-terms with emotionally-charged issues — from Critical Race Theory to Donald Trump's role in the Jan. 6 insurrection — will hamstring their ability to sell the local benefits of President Biden's Build Back Better agenda.

Updated 3 hours ago - Politics & Policy

Bipartisan tributes flood in for "giant of the Senate" Bob Dole

Then-Vice President Joe Biden and former Sen. Bob Dole at an event put on by the World Food Program where he was awarded the first “McGovern-Dole Leadership Award” in December 2013. Photo: Douglas Graham/CQ Roll Call

Republican and Democratic politicians, including former Senate colleagues, are sharing condolences and memories commemorating the life of Bob Dole, who passed away at 98 on Sunday morning.

The big picture: Dole, the Republican presidential nominee in 1996, was the longest serving Republican leader in the Senate until 2018, when current Senate Minority Leader Mitch McConnell surpassed his record.