Chevron walks away from its deal to buy Anadarko with a $1 billion breakup fee and its 'hard-won' reputation for capital discipline intact.
Occidental Petroleum may have spoiled Chevron's plans to acquire oil and gas driller Anadarko Petroleum, but Wall Street is not pronouncing the oil company the loser in the buyout battle.
Shares of Chevron were up about 3% at roughly $121 on the news Thursday. The stock had tumbled as much as 7% since Chevron announced the Anadarko deal last month. To be sure, by purchasing Anadarko, Chevron stood to gain valuable assets in the Permian Basin, the top U.S. shale oil region, as well as in the Gulf of Mexico and the growing liquefied natural gas market.
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