Occidental Petroleum Offers to Buy Anadarko, Topping Chevron's Deal

Occidental Petroleum Corp. offered to purchase Anadarko Petroleum Corp. in a deal valued at $38 billion, more than 15% higher than Chevron Corp.’s agreement to buy the shale driller.

The two bids could start a competition for one of the key drillers in the Permian Basin, America’s hottest shale region, and is a sign of long-hoped consolidation in shale oil.

The moves come at a time when the U.S. pumps more crude than Saudi Arabia and Russia.


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