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Chevron doubled its bet on rising U.S. oil and gas output on Friday, saying it would buy shale oil producer Anadarko Petroleum (APC.N) with a total of $33 billion in cash and stock, which would make Chevron the world's second largest crude oil producer.
After the merger, the company estimates that daily production will reach 3.9 million barrels of oil equivalent, second only to Exxon Mobil (XOM.N) among listed companies, jumping two places from its old four positions. Chevron's acquisition will boost its strength in two major areas of the U.S. energy industry with record bankruptcies: shale oil and liquefied natural gas (LNG) in the Permian basins of Western Texas and New Mexico. Shale oil and LNG in the Permian basin have made the United States one of the largest energy exporters.
"Chevron has now joined the ranks of super-large businesses, turning the three powers into four powers," said Roy Martin, senior analyst at Wood Mackenzie. "This acquisition has led to extreme competition. ExxonMobil, Chevron, Shell and BP are now self-contained competitors.


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