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Chevron said Thursday that it would not increase its bid to buy Anadarko, leaving the prize to Occidental while walking away with a $1 billion breakup fee.

The latest: Anadarko announcing on Thursday evening that it has entered into a “definitive merger agreement” with Occidental, expected to close in the second half of 2019.

Why it matters: The move seemingly ends the high-stakes battle to obtain Anadarko and its attractive acreage in the Permian Basin region of Texas, the heart of the U.S. oil boom.

What they're saying: "We look forward to signing a merger agreement with Anadarko and realizing value for our stakeholders as soon as possible," Occidental said in a statement.

  • Chevron will not make a counterproposal to Occidental, a smaller company than Chevron that nonetheless offered a higher, $76-per-share cash-and-stock bid for Anadarko.
  • "Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal," Chevron CEO Michael Wirth said in a statement.

Go deeper: Anadarko calls Occidental's takeover bid "superior" to Chevron's

Go deeper

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

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President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.