Chevron said Friday it plans to buy Anadarko Petroleum for $33 billion in cash and stock, reported TheStreet's M. Corey Goldman.
Chevron said it will pay $65 a share to Anadarko shareholders, who will receive 0.3869 a share of Chevron and $16.25 in cash for each Anadarko share.
The total enterprise value of the transaction is $50 billion.
The deal comes amid a rebound in global oil prices, fueled in large part by bets among investors that OPEC supply cuts, sanctions on Iran and Venezuela and escalating military tensions in Libya will continue to support markets.
Anadarko is Real Money's Stock of the Day.
Real Money's Kevin Curran will be covering Anadarko heavily and looking at the oil industry in general.