Anadarko

Riviera Resources Inc. has agreed to sell its interest in oil and natural gas properties in Michigan to an undisclosed buyer for $44.5 million.

Hours after Chevron Corp. retreated Thursday, Houston-based Occidental Petroleum Corp. entered into a definitive agreement to acquire Anadarko Petroleum Corp.

The U.S. rig count dropped two units to finish at 988 for the week ended May 10, including a decline in Permian Basin activity, according to data from Baker Hughes, a GE Company (BHGE).

Houston-based Occidental Petroleum Corp. late Thursday snagged a definitive agreement to acquire Anadarko Petroleum Corp., ending a month-long saga that led Chevron Corp. with withdraw.

Chevron Corp. said Thursday it would not make a counterproposal to a substantial offer to acquire Anadarko Petroleum Corp., which would appear to give Occidental Petroleum Corp. a global oil and natural gas prize.

Occidental Petroleum Corp. (Oxy) appeared willing to pay a substantial premium to acquire Anadarko Petroleum Corp. and its vast holdings in the Permian Basin, at least more than Chevron Corp. was willing to, after the supermajor withdrew from the bidding war Thursday.

Anadarko Petroleum Corp.’s board is awaiting a decision by Chevron Corp. to boost the terms of its takeover offer after indicating late Monday that it may agree to take the increased bid by Occidental Petroleum Corp. (Oxy).

Howard Energy Partners on Tuesday said it has an agreement with an undisclosed producer to construct, own and operate a natural gas gathering system across 10,000 acres of Central Oklahoma.

Occidental Petroleum Corp. (Oxy) on Sunday substantially increased its offer to take over Anadarko Petroleum Corp., and if completed, it already has an agreement in hand with Total SA to sell $8.8 billion of natural gas-rich African assets, including Anadarko’s proposed export project in Mozambique.