Chevron Will Not Increase Offer to Acquire Anadarko
09 Mayo 2019 - 7:26AM
Business Wire
Demonstrates Capital Discipline
- Will receive $1 billion cash
termination fee
- Increasing share repurchase rate by
25 percent to $5 billion per year
- Committed to its advantaged
portfolio and long-term value proposition
Chevron Corporation (NYSE: CVX) announced today that, under the
terms of its previously announced Merger Agreement with Anadarko
Petroleum Corporation (NYSE: APC), it will not make a
counterproposal and will allow the four-day match period to expire.
Accordingly, Chevron anticipates that Anadarko will terminate the
Merger Agreement.
“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,” said Chevron’s Chairman and CEO Michael Wirth. “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 termination of the Merger Agreement, Anadarko will be
required to pay Chevron a termination fee of $1 billion. Consistent
with Chevron’s commitment to superior shareholder returns, the
company plans to increase its share repurchase rate by 25 percent
to $5 billion per year.
About Chevron
Chevron Corporation is one of the world's leading integrated
energy companies. Through its subsidiaries that conduct business
worldwide, the company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells
petrochemicals and additives; generates power; and develops and
deploys technologies that enhance business value in every aspect of
the company's operations. Chevron is based in San Ramon, Calif.
More information about Chevron is available
at www.chevron.com.
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FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
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undertakes no obligation to update publicly any forward-looking
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or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices; changing refining,
marketing and chemicals margins; the company's ability to realize
anticipated cost savings and expenditure reductions; actions of
competitors or regulators; timing of exploration expenses; timing
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sources or product substitutes; technological developments; the
results of operations and financial condition of the company's
suppliers, vendors, partners and equity affiliates, particularly
during extended periods of low prices for crude oil and natural
gas; the inability or failure of the company’s joint-venture
partners to fund their share of operations and development
activities; the potential failure to achieve expected net
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development projects; potential delays in the development,
construction or start-up of planned projects; the potential
disruption or interruption of the company’s operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats and terrorist acts, crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries and other producing countries, or other natural
or human causes beyond the company’s control; changing economic,
regulatory and political environments in the various countries in
which the company operates; general domestic and international
economic and political conditions; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes required by existing or future
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agreements and national or regional legislation and regulatory
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the delay or failure of such transactions to close based on
required closing conditions; the potential for gains and losses
from asset dispositions or impairments; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes, tariffs,
sanctions, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the effects of changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; the company's ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 18 through 21 of the company’s 2018 Annual Report
on Form 10-K. Other unpredictable or unknown factors not discussed
in this news release could also have material adverse effects on
forward-looking statements.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of securities in
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