By Micah Maidenberg 

Chevron Corp. is bowing out of the race to take over Anadarko Petroleum Corp., saying Thursday it will instead take a $1 billion termination fee from the company.

"Winning in any environment doesn't mean winning at any cost," Chevron Chief Executive Michael Wirth said in a statement.

Chevron agreed to purchase Anadarko for about $33 billion, but Occidental Petroleum Corp. later offered the oil company $38 billion.

This is a developing story and will be updated shortly.

 

(END) Dow Jones Newswires

May 09, 2019 09:05 ET (13:05 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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