Chevron agreed to pay $33 billion for Anadarko Petroleum on Friday, broadening its access to the largest oil region in the continental U.S. as President Trump pushes the country to produce enough fuel to meet its own energy needs.
The deal, which offers Anadarko investors $65 a share in cash and stock, expands Chevron’s oil production in the Permian Basin, the oil-rich swath of land in western Texas and southeastern New Mexico that’s 250 miles wide and about 300 miles long, as well as deepwater drilling in the Gulf of Mexico.
“We intend to accelerate activity in Anadarko’s Permian acreage,” Chevron CEO Michael Wirth, who hopes to complete the deal by the end of this year, told investors on Friday. “Getting more out of the Permian sooner is an important value driver.”
For the San Ramon, Calif.-based company, which already controlled 2.2 million acres in the region and is adding 589,000 with the transaction, the driver isn’t “getting bigger in the Permian, it’s about getting better,” Wirth said. That includes the the area’s Delaware Basin, where Anadarko has operations.
Late last year, the U.S. Geological Survey identified an estimated 46 billion barrels of oil in two formations in the Delaware Basin, a development that left then-Interior Secretary Ryan Zinke confident “that American energy dominance is within our grasp.”
The U.S. is the world’s largest oil producer, outpacing both Russia and Saudi Arabia, thanks largely to technological advances that let producers extract oil from shale formations.
Achieving energy independence was one of Trump’s signature campaign promises in 2016, a commitment based on concern that U.S. reliance on oil imports left the country more vulnerable and cost American jobs.
“We’re ending the theft of American prosperity and rebuilding our beloved country,” Trump said when he signed an executive order prompting energy independence just two months after taking office. “We will unlock job-producing natural gas, oil and shale energy.”
Anadarko climbed 33 percent to $62.20 after the sale was announced Friday. Chevron, which has a market value of $232.9 billion, has climbed 10 percent this year to $119.76.
Comedian Ian Cognito died during a stand-up act in which he joked about dying on stage and then fell silent while the audience continued laughing, thinking it was a joke.
“Imagine if I died in front of you lot here,” Cognito, 60, joked on stage during his set Thursday. Andrew Bird, who runs the Lone Wolf Comedy Club in Bicester England, told the BBC: “Everyone in the crowd, me included, thought he was joking. Even when I walked on stage and touched his arm I was expecting him to say ‘boo’.”
Audience members were mortified when they learned that had been chuckling at a man dying. “We came out feeling really sick, we just sat there for five minutes watching him, laughing at him,” said audience member John Ostojak. He added: “Only 10 minutes before he sat down he joked about having a stroke He said, ‘Imagine having a stroke and waking up speaking Welsh?'”
Fellow comedians extended their sympathies on Twitter after hearing the news of Cognito’s death, but commented that his demise was in some ways fitting.
“Died with his boots on. That’s commitment to comedy. I’ll never forget his kindness when I started out & how god damn funny he was,” said comedian Jimmy Carr.
Veteran stand-up comedian Ian Cognito has died on-stage – literally. The audience thought it was part of the act. Died with his boots on. That’s commitment to comedy. I’ll never forget his kindness when I started out & how god damn funny he was.
— Jimmy Carr (@jimmycarr) April 12, 2019
Comedian Mark Steel said Cognito had “expired in his natural home” and was “a difficult awkward hilarious troubled brilliant sort, a proper comic.”
Bird said that dying on stage would have been the way Cognito “would have wanted to go,” adding: “Except he’d want more money and a bigger venue”
There is a comedic tradition of dying on stage. In 1984, comedian Tommy Cooper suffered a heart attack in the middle of his set on live television.His assistants and viewers back home thought he was making a joke as he slumped over and then writhed on the ground.
Cognito, whose real name was Paul Barbieri, had been performing since the mid-1980s. He won the Time Out Award for Stand-up Comedy in 1999 but never really hit the big time.