Biggest Oil Industry Deal in Years, Over $33 Billion ๐Ÿ˜ฎ

The California oil major Chevron said Friday it would buy Anadarko Petroleum for $33 billion in the biggest industry deal in four years, making Chevron a stronger leader in both the booming Permian Basin and the deepwater Gulf of Mexico.

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The deal will create a clearer class of “ultra major” energy companies and potentially trigger a buying spree by others seeking to follow suit, including Exxon Mobil and Royal Dutch Shell, industry analysts said. There’s also a smaller chance those companies and others could still seek to outbid Chevron for Anadarko, which reportedly turned down a larger offer from Houston’s Occidental Petroleum before agreeing to the Chevron deal that was seen as a better fit.

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