Chevron’s $50 Billion Acquisition Of Anadarko Petroleum

Credit Suisse Securities (USA) LLC is acting as financial advisor to Chevron. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to Chevron. Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to Anadarko. Wachtell, Lipton, Rosen & Katz and Vinson & Elkins LLP are acting as legal advisors to Anadarko. Fried Frank acted as counsel to Evercore and Goldman Sachs as financial advisors to Anadarko Petroleum Corporation

Chevron Corporation (NYSE: CVX) has entered into a definitive agreement with Anadarko Petroleum Corporation (NYSE: APC) to acquire all of the outstanding shares of Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share. Based on Chevron’s closing price on April 11, 2019 and under the terms of the agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. The total enterprise value of the transaction is $50 billion.

The acquisition of Anadarko will significantly enhance Chevron’s already advantaged Upstream portfolio and further strengthen its leading positions in large, attractive shale, deepwater and natural gas resource basins. Furthermore, Western Midstream Partners, LP (NYSE: WES) is a successful midstream company whose assets are well aligned with the combined companies’ upstream positions, which should further enhance their economics and execution capabilities.

Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties.

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide.

The Paul, Weiss team includes corporate partners Scott Barshay (Picture), Steven Williams and John Kennedy and counsel Kyle Seifried, Patricia Vaz de Almeida and Caith Kushner; tax partner Jeffrey Samuels and counsel Alyssa Wolpin; employee benefits partner Lawrence Witdorchic and counsel Jason Ertel; litigation partner Jeffrey Recher and counsel Peter Jaffe and Rachel Fiorill; intellectual property partner Claudine Meredith-Goujon; and environmental counsel William O’Brien.

Wachtell Lipton advised Anadarko with Daniel A. Neff, Gregory E. Ostling, Adam J. Shapiro, Eric M. Rosof and Joshua M. Holmes.

Vinson & Elkins advised Anadarko Petroleum Corporation with a team including partner Mark Kelly with assistance from partner Lande Spottswood. Partners Brian Bloom and David D’Alessandro and senior associate Steven Oyler advised on executive compensation/benefits issues.

Fried Frank acted as counsel to Evercore and Goldman Sachs as financial advisors to Anadarko Petroleum Corporation with a team led by Philip Richter and including Scott B. Luftglass and corporate associates Roy Tannenbaum and Asiya M. Ubaid.

Involved fees earner: Scott Luftglass – Fried Frank Harris Shriver & Jacobson; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Asiya Ubaid – Fried Frank Harris Shriver & Jacobson; Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Jason Ertel – Paul Weiss Rifkind Wharton & Garrison; Rachel Fiorill – Paul Weiss Rifkind Wharton & Garrison; Peter Jaffe – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Caith Kushner – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Recher – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Samuels – Paul Weiss Rifkind Wharton & Garrison; Kyle Seifried – Paul Weiss Rifkind Wharton & Garrison; Patricia Vaz de Almeida – Paul Weiss Rifkind Wharton & Garrison; Steven Williams – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison; Alyssa Wolpin – Paul Weiss Rifkind Wharton & Garrison; Brian Bloom – Vinson & Elkins LLP; David D’Alessandro – Vinson & Elkins LLP; Mark Kelly – Vinson & Elkins LLP; Steven Oyler – Vinson & Elkins LLP; Lande Alexandra Spottswood – Vinson & Elkins LLP; Joshua Holmes – Wachtell, Lipton, Rosen & Katz; Daniel Neff – Wachtell, Lipton, Rosen & Katz; Gregory Ostling – Wachtell, Lipton, Rosen & Katz; Eric Rosof – Wachtell, Lipton, Rosen & Katz; Adam Shapiro – Wachtell, Lipton, Rosen & Katz;

Law Firms: Fried Frank Harris Shriver & Jacobson; Paul Weiss Rifkind Wharton & Garrison; Vinson & Elkins LLP; Wachtell, Lipton, Rosen & Katz;

Clients: Anadarko Petroleum Corporation; Chevron Corporation; Evercore Partners; Goldman Sachs & Co.;