Al Walker might have done better. The chief executive of Houston area-based oil and gas driller Anadarko Petroleum agreed to sell his company to Chevron for an enterprise value of $50 billion, a nearly 40% premium. But the company’s stock price has languished—it was higher as recently as October. Anadarko has been focused on buybacks as rivals were doubling down their investment in some of Anadarko’s prime markets, like the Permian basin in West Texas. While shareholders want to see more cash...

Source: Wall Street Journal April 16, 2019 14:48 UTC