Chevron Mega-Deal Highlights the Revival of American Energy - Bloomberg

Chevron Mega-Deal Highlights the Revival of American Energy - Bloomberg:

For all the ink spilled over climate change and the global energy transition, the world’s biggest energy companies are focusing on where it all began: American oil.

Chevron Corp.’s $33 billion acquisition of Anadarko Petroleum Corp., announced Friday, will make the U.S. company the largest producer in the dusty plains of the Permian Basin by giving it control of an oil-rich area twice the size of Los Angeles.

The deal, the industry’s biggest in four years, is fueling speculation about what arch-rivals Exxon Mobil Corp. and Royal Dutch Shell Plc will do next and which other Permian operators are in their sights. Furthermore, it cements the booming oil patch in West Texas and New Mexico as arguably the most dynamic force shaping the global energy market right now. Output there is forecast to grow by millions of barrels in years to come, meaning global producers can’t afford to ignore it.