According to Reuters, Chevron Corporation announced on Friday their plan to purchase smaller rival Anadarko Petroleum Corporation for $33 billion in cash and stock. Oil prices have surged this year and Chevron, along with Exxon Mobil Corp have been increasing their investment in the United States’ Permian basin in West Texas. Chevron is optimistic that the acquisition will bolster their position in shale oil and the liquid natural gas (LNG) market. The merger is the largest the industry has seen since Royal Dutch Shell bought BG Group in 2016.

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