A merger would create the second largest independent (by EV and production) next to ConocoPhillips. The primary strategic driver for Anadarko would be consolidation and enhanced long-term growth potential in US tight oil, the Permian in particular. De-leveraging, and the potential for a phase of portfolio restructuring, would be a secondary factor.
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Apache rejects takeover approach from Anadarko
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APA-APC pro-forma production (million boe/d)
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Apache reportedly rejects takeover bid from Anadarko