HOUSTON—Chevron Corp. abandoned its takeover bid for Anadarko Petroleum Corp on May 9 outmaneuvered by Occidental Petroleum Corp.’s higher, $38 billion offer that included more than three times as much cash.
With a financing assist from billionaire investor Warren Buffett, Occidental, which is one-quarter the size of Chevron, is the likely victor in a contest that again proved the allure of U.S. shale.
