[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.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access