DENVER (CBS4) — It’s a big move in Colorado’s oil and gas industry: Chevron is buying Anadarko Petroleum. This gives Chevron a bigger presence in shale oil as well as deep water exploration in the Gulf of Mexico.

Anadarko employs about 1,100 people in Colorado, but has a much larger presence in Texas.

Stocks for both companies are up after this $33 billion dollar deal.