Chevron withdrew and gave up the dispute for Anadarko Petroleum, after offering coverage made by Occidental Petroleum in the amount of US $38 billion against the US $33 billion previously offered by the second largest oil producer in the U.S. Occidental now isolates itself as the only interested in acquiring the oil exploration company.
"Winning in any environment does not mean winning at any cost," said Chevron CEO Michael Wirth. In addition to the difference of US $5 billion, Occidental Petroleum also included a three-fold larger cash share than the competitor. "The cost and discipline of capital always matter, and we will not dilute our returns or destroy value for our shareholders to make a deal," added Wirth.
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