Occidental wins Anadarko, and two years of questions richardbeales1
Chevron on May 9 abandoned its pursuit of Anadarko Petroleum, declining to raise its bid to fend off a higher rival offer of $38 billion from Occidental Petroleum.
Occidental has said it plans to shed most of Anadarko's non-shale properties in a deal that cements its position in the Permian Basin, the top U.S. shale field. Chevron, the No. 2 U.S. oil producer, stands to receive a $1 billion break fee. It said it would increase the pace of its share repurchases by a quarter to $5 billion per year.
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