[Editor’s note: This story was updated at 10:37 a.m. CST April 12. Check back for more updates on this developing story throughout the day.]

The landscape of the oil and gas industry shifted on April 12 following Chevron Corp.’s merger agreement to acquire Anadarko Petroleum Inc., one of the world’s largest independent E&P companies based in The Woodlands, Texas.

The $33 billion megadeal will also include the assumption of $15 billion net debt. The terms of the transaction are comprised of 75% stock and 25% cash, which translates to Chevron paying about 200 million shares and $8 billion cash.

The transaction—the largest upstream deal since Royal Dutch Shell Plc’s acquisition of BG Group in 2015—is set to make Chevron the second-largest producing major, according to analysts with consulting firm Wood Mackenzie.

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