Chevron Walks Away From $33 Billion Deal to Buy Anadarko (1)

Chevron Corp. is abandoning its $33 billion offer for oil driller Anadarko Petroleum Corp., the culmination of a month-long bidding war in which Occidental Petroleum Corp. prevailed over a rival five times its size.

The most ambitious foray of Chevron Chief Executive Officer Mike Wirth’s tenure ended May 9 after the world’s third-largest oil explorer by market value elected not to sweeten an offer that fell out of favor with Anadarko directors. Chevron said it will collect a $1 billion termination fee and plans to increase its share buybacks by 25 percent.

Anadarko’s board embraced the Occidental proposal as superior ...