SAN RAMON, Calif. — Chevron is buying Anadarko Petroleum in a $33 billion cash-and-stock deal as the company seeks to grow stronger in deep water exploration in the gulf and the energy-rich southwest region of Texas called the Permian Basin.

Anadarko is organized in Delaware but its headquarters is based out of two towers in The Woodlands, Texas.

The deal, announced Friday, arrives with U.S. crude prices up 40% this year.

The companies put the enterprise value of the deal at $50 billion.

Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each share they own, or $65 per share. Chevron will issue about 200 million shares and pay approximately $8 billion in cash. It will also assume about $15 billion in debt.

The deal is expected to close in the second half of the year.

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