Permian M&A faces challenges
Expectations of a post-Anadarko flurry of merger and acquisition activity in the prolific shale basin may be wide of the mark
The hottest question in US energy M&A is whether the bidding war between Chevron and Occidental Petroleum for independent producer Anadarko Petroleum was a one-time event, specific to the assets and ambitions of the three players involved, or whether it will kickstart a flurry of Permian Basin-focused deal-making. US independent Occidental trumped Chevron, which had agreed to buy Anadarko for $65/share — a 39pc premium on Anadarko's last closing price prior to the announcement — laying out $33bn plus the assumption of $17bn of debt, for a total cost of $50bn. Occidental, with a little help from billionaire investor Warren Buffett, upped the price to $38bn, leading Chevron to abandon the

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