ASSOCIATED PRESSAnd just like that, the famous 2019 Permian Game of Thrones ended. On Thursday morning, Chevron issued a press release announcing it will not increase its $50 billion offer for Anadarko Petroleum , thus ceding the field to Occidental Petroleum (Oxy) and its CEO, Vicki Hollub. This Game of Thrones didn't involve fire-breathing dragons, although it did involve Warren Buffett coming in on the side of Oxy, which turned out to be just as effective, maybe moreso. For its part, Chevron decided the cost of countering Oxy's latest offer exceeded what its management is willing to pay for Anadarko. Chevron said it will use at least some of that money to increase its share repurchase rate to $5 billion per year.

Source: Forbes May 09, 2019 13:18 UTC