Chevron will not increase offer to acquire Anadarko

Published by David Rowlands, Editor
LNG Industry, Friday, 10 May 2019 09:00

Chevron Corp. has announced that, under the terms of its previously announced merger agreement with Anadarko Petroleum Corp., it will not make a counterproposal and will allow the four-day match period to expire.

Accordingly, Chevron says in the statement that it anticipates that Anadarko will terminate the merger agreement.

Chevron’s Chairman and CEO Michael Wirth said: “Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal.

“Our advantaged portfolio is driving robust production and cash flow growth, higher investment returns and lower execution risk. We are well positioned to deliver superior value creation for our shareholders.”

Upon the termination of the merger agreement, Anadarko will be required to pay Chevron a termination fee of US$1 billion. In the statement, Chevron claims that it is planning to increase its share repurchase rate by 25% to US$5 billion/yr.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/10052019/chevron-will-not-increase-offer-to-acquire-anadarko/

HAM Italia inaugurate first LNG-CNG refuelling station in Italy

Thursday 25 April 2024 14:30

HAM Italia and the HAM Group have inaugurated the first EDUX LNG-CNG refuel-ling station in Italy, located in Via del Camposanto.

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