Occidental completes US$55bn acquisition of Anadarko
12 August, 2019
US-based oil and gas giant Occidental Petroleum announced the successful acquisition of Anadarko Petroleum in a deal worth US$55bn (£45.6bn).
The deal will create the largest single producer in the Permian basin with a production capacity of around 1.4m barrels of oil equivalent per day.
More than 99% of Anadarko shareholders voted in favour of the deal at a special meeting held on Thursday 8 August.
The company expects to generate US$3.5bn (£2.9bn) in annual cost and capital spend synergies.