Anadarko Petroleum Corp.'s board said Monday evening that Occidental Petroleum Corp.'s revised offer for the company is "superior" to Chevron Corp.'s bid, a move that gives Chevron 4 days to revise its offer. Chevron did not provide immediate comment.

Why it matters: It's the latest twist in a high-stakes battle to land the biggest oil mega-deal in years — one that will enhance the winner's position in the booming Permian Basin shale fields.

Where it stands: The move follows Occidental's move yesterday to sweeten its offer in a bid to undercut Chevron, its much larger rival. Occidental changed its $76-per-share offer to be 78% cash and 22% stock, compared to the 50-50 split in their prior bid.

The big picture: Late last month, Occidental said its total offer, including debt, was valued in the $57 billion range based on its share price at the time.

That's higher than Chevron's mid-April deal to acquire Anadarko at $65-per-share in a deal that would have been 75% stock and 25% cash, with a total value of around $50 billion including debt.

  • Anadarko said Monday that Occidental's offer yesterday was a "superior proposal" under the terms of their merger agreement with Chevron.
  • If Anadarko ends its agreement with Chevron, it will have to pay a $1 billion termination fee.

The intrigue: Occidental has bolstered its position in recent days by obtaining a $10 billion financing pledge from Warren Buffett, and, yesterday, a deal to sell Anadarko's assets in Africa to the oil-and-gas major Total if its bid is accepted.

Go deeper:

Go deeper

Updated 55 mins ago - Health

8 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

8 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Montana, West Virginia, and Wyoming surpassed records from the previous week.

Why it matters: Cases and hospitalizations are rising in Michigan, a state that initially fought the pandemic with strict mitigation efforts, alongside states that took less action against the spread of the virus this spring.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Herd immunity claims by top Trump adviser are "pseudoscience," infectious-disease expert says.
  2. Map: 38 states, D.C. see surge in cases.
  3. Health: Coronavirus hospitalizations are on the rise — Fauci says he's "absolutely not" surprised Trump got coronavirus.
  4. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  5. Sports: We've entered the era of limited fan attendance.
  6. Education: Why education technology can’t save remote learning.
Dion Rabouin, author of Markets
4 hours ago - Economy & Business

The Fed is starting to question its own policies

Illustration: Aïda Amer/Axios

Several officials at the Fed are beginning to worry about asset bubbles and excessive risk-taking as a result of their extraordinary policy interventions, James Politi writes for the Financial Times, citing interviews with multiple Fed presidents and members of the Board of Governors.

Details: Some are now pushing for "tougher financial regulation" as concerns grow that monetary policy is "encouraging behavior detrimental to economic recovery and creating pressure for additional bailouts."