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Occidental challenges Chevron with higher bid for Anadarko

Published: Updated:

Occidental Petroleum launched a counterbid Wednesday to acquire Anadarko Petroleum, challenging Chevron’s proposed takeover announced earlier this month.

Occidental, a midsized US company, announced it was bidding $76 per share, compared with $65 offered by larger US rival Chevron, according to a statement.

Like Chevron, Occidental is a big player in the shale-rich Permian Basin in Texas and is looking to improve its economies of scale in the region by adding Anadarko’s assets to its portfolio.