Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

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 42 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 32,881,747 — Total deaths: 994,821 — Total recoveries: 22,758,171Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 7,079,909 — Total deaths: 204,503 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Durbin on Barrett confirmation: "We can’t stop the outcome"

Senate Minority Whip Dick Durbin (D-Ill.) said on ABC's "This Week" Sunday that Senate Democrats can “slow” the process of confirming Supreme Court nominee Amy Coney Barrett “perhaps a matter of hours, maybe days at the most," but that they "can’t stop the outcome."

Why it matters: Durbin confirmed that Democrats have "no procedural silver bullet" to stop Senate Republicans from confirming Barrett before the election, especially with only two GOP senators — Lisa Murkowski of Alaska and Susan Collins of Maine — voicing their opposition. Instead, Democrats will likely look to retaliate after the election if they win control of the Senate and White House.

The top Republicans who aren't voting for Trump in 2020

Photo: Brendan Smialowski/AFP via Getty Images

Former Pennsylvania Gov. Tom Ridge announced in an op-ed Sunday that he would be voting for Joe Biden.

Why it matters: Ridge, who was also the first secretary of homeland security under George W. Bush, joins other prominent Republicans who have publicly said they will either not vote for Trump's re-election this November or will back Biden.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!