With Chevron Corp. deciding to throw in the towel, mighty mini-major Occidental Petroleum Corp. is the winner in the multibillion-dollar acquisition of The Woodlands, Texas-based Anadarko Petroleum Co. Of course, the $10 billion investment from Warren Buffett created a higher cash percentage as did an agreement by Total to kick in over $8 billion in return for Anadarko’s massive African LNG properties.

For the determined Vicki Hollub, president and CEO of Occidental, the deal is a major coup and vaults her company into a prime position in the prolific Permian Basin. For Chevron, it’s merely a matter of waiting for the next lucrative deal that enables it to keep its promise to produce 1 million barrels per day in the Permian. It can also take to the bank the $1 billion breakup fee that Occidental will pay for Anadarko.

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