Permian Ripe For Mergers As Big Oil Aims For Prime Assets
By Keith Goldberg (April 15, 2019, 8:44 PM EDT) -- Chevron Corp.'s recent $33 billion acquisition of Anadarko Petroleum Corp. — motivated by Anadarko's large portfolio of Permian Basin drilling properties — has deal-makers bracing for a consolidation wave to hit the oil-rich region, with fossil fuel giants expected to scoop up more cash-tight independent producers struggling to develop their acreage.
In agreeing Friday to buy Anadarko, Chevron is adding 600,000 acres in the Permian's Delaware Basin to the 2.2 million Permian acres it already controls. Chevron, ExxonMobil and Royal Dutch Shell said earlier this year that they would make big pushes to boost their Permian production, meaning Big Oil's spending...
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