Oxy's $55 billion purchase of Anadarko Petroleum finalized after bidding war with Chevron

A $55 billion deal that saw the merger of two Texas-based oil and gas companies closed Thursday after a months-long bidding war.

Houston-based Occidental Petroleum (Oxy) purchased Anadarko Petroleum, acquiring the company’s assets throughout the globe and in the Permian Basin along with Anadarko’s debt, read an Occidental news release.

Both Anadarko and Oxy hold a strong presence in the booming Permian Basin in southeast New Mexico and West Texas. 

The closing of the transaction followed a vote by Anadarko’s shareholders where 99 percent of the shareholders voted in favor of the agreement. Read Full Article - Carlsbad Current Argus, August 9, 2019