Oxy Completes Mega Deal to Acquire Anadarko
Two of the biggest petroleum companies have just finalized a deal which will merge the two into one of the biggest petroleum companies in the Permian Basin.
According to the Midland Reporter-Telegram, Occidental Petroleum just acquired Anadarko Petroleum to create a mega deal of over $38 billion.
The deal was finalized after 99% of the voting Anadarko shares approved the deal.
Oxy's addition of Anadarko will make the combined company the largest producer in the area over the major oil companies like Chevron and ExxonMobil.
Oxy won the right when they outbid Chevron for the right to acquire Anadarko.
The future of Anadarko's employees as well as Oxy's employees is still up in the air as Oxy took on a lot of debt in making the deal as well as the debt that has been racked up by Anadarko.