Chevron Corp. is bowing out of the bidding to buy Anadarko Petroleum Corp., setting the stage for Occidental Petroleum Corp. to win one of the most high-stakes energy-deal dramas in years. In seeking Anadarko, Chevron and Occidental coveted prized assets in the Permian Basin in West Texas and New Mexico, the heart of the U.S. oil boom. Occidental’s emergence as the likely victor means it is now poised to swallow a company nearly its own size as it bulks up in the region.

Source: Wall Street Journal May 09, 2019 12:38 UTC