Occidental Petroleum Corporation has announced the successful completion of its acquisition of Anadarko Petroleum Corporation in a transaction valued at $55 billion, including the assumption of Anadarko’s debt.

"With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders," said Vicki Hollub, President and Chief Executive Officer. "We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our Board and management team is on execution to achieve the promise of this exciting combination. We look forward to updating the market on our continued progress in the months ahead."

The closing of the transaction follows approval of the transaction by Anadarko’s shareholders at a Special Meeting held earlier today. More than 99% of the shares voted at the Special Meeting were in favor of the Occidental merger agreement.

Anadarko shareholders are receiving $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock in the transaction. Effective after the end of trading today, Anadarko’s common stock will no longer trade on the New York Stock Exchange.

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