May 10, 2019
A bidding war between Chevron Corp. and Occidental Petroleum for ownership of Anadarko Petroleum Corp. ended up in Occidental’s favor. The Houston-headquartered buyer is paying upwards of $38 billion to acquire Anadarko, which is based in The Woodlands, TX.
Chevron, headquartered in San Ramon, CA, made a $33 billion offer to purchase Anadarko on April 12, 2019, and Oxy countered on April 24 with $57 billion, before boosting the cash portion of its offer on May 5, 2019. Chevron’s Michael Wirth indicated that his company will take the $1 billion termination fee negotiated as part of the earlier deal, and return the cash to shareholders.
At stake in the acquisition is Anadarko’s large holdings in West Texas’ and New Mexico’s Permian Basin.
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