Behold! Like the ancients scanning the sky for portents, large bodies are colliding in the observable M&A-verse of upstream oil and gas.
Chevron Corp.announced today that it has entered into a definitive agreement with Anadarko Petroleum Corp. to acquire all of the outstanding shares of Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share.
Lately, M&A is a mess. Oil and gas market dysfunction swirls as buyers hunt for PDP assets with discounts of PV-20 or higher on their minds.