Outside the Box: Why Chevron’s purchase of Anadarko won’t lead to a flurry of oil deals

The surge in mergers and acquisitions that some predicted would quickly follow Anadarko Petroleum Corp.’s agreement to be bought by Chevron Corp. for $33 billion may turn out to be more of a steady trickle. That’s as large integrated oil companies take time to assess their options rather than rush to snap up exploration and production (E&P) companies at any price from fear of missing out.

Media and market commentators were quick to forecast a bidding war after Anadarko APC, -0.11% accepted a $65-per-share cash and stock offer from Chevron CVX, +0.10% on April 12. While the second-biggest U.S.

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