Chevron is paying $33 billion for Anadarko Petroleum

The cash and stock deal announced Friday values Anadarko (APC) at $65 per share.

Chevron (CVX) CEO Michael Wirth said in a statement that buying Anadarko would solidify his company's position in shale-producing parts of the southern United States.

He said it would also enhance Chevron's drilling operations in the Gulf of Mexico.

This is a developing story.

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