Continental Focus, International Reach

Chevron Bows Out of Anadarko Bid

Sunday, May 12, 2019

Chevron has decided to bow out of a bidding war with Occidental Petroleum for Anadarko Petroleum. The company said it would not provide a counter offer for Anadarko, giving Occidental a clear path to acquire the US independent.

Chevron had until May 10 to submit a counter-proposal for Anadarko but announced that it would not move forward with a new bid.

“Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal,” CEO Michael Wirth said in a statement. “We are well positioned to deliver superior value creation for our shareholders.”