Chevron, an American multinational energy corporation, offered to acquire Anadarko Petroleum, a company engaged in hydrocarbon exploration, for $50bn or $65 per share on April 12, 2019. Based on Chevron’s closing price on April 11, 2019 and under the terms of the agreement, Anadarko shareholders would receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. “This transaction builds strength on strength for Chevron. The combination of Anadarko’s premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deepwater Gulf of Mexico capabilities and will grow our LNG business. It creates attractive growth opportunities in areas that play to Chevron’s operational strengths and underscores our commitment to short-cycle, higher-return investments,” Michael Wirth, Chevron’s Chairman and CEO. Chevron's offer was outmatched with a $76 per share bid by Occidental, made on April 24, 2019. Occidental’s proposal represents a premium of approximately 20% to the value of Anadarko’s pending transaction as of April 23, 2019. The total enterprise value is $57bn. “Occidental is a leader in using technological innovation to create value, and we will deploy our expertise to enhance the performance and productivity of Anadarko's assets not only in the Permian but globally. Occidental and Anadarko have a highly complementary asset portfolio, providing us with a unique opportunity to realize significant operating, cost, and capital allocation synergies and achieve near-term cash flow accretion,” Vicki Hollub, Occidental President and Chief Executive Officer.