Anadarko Petroleum and Union Pacific Resources have agreed to merge and create one of the largest independent exploration and production companies. The company will be known as Anadarko Petroleum Corporation and its headquarters will be in Houston, Texas. UPR will then become a wholly owned subsidiary of Anadarko. The merger received unanimous approval by the board of directors of each company. UPR shareholders would receive 0.4550 of Anadarko common shares for each UPR common share they own. This translates to Anadarko shareholders holding approximately 53 percent of the company and UPR shareholders holding 47 percent. The stock-for-stock deal is subject to regulatory and shareholder approval.