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CVX - Cash Is The Real Prize In Oil Patch Showdown
Chevron Corporation
By Breakingviews
Still convinced oil companies exist mainly to drill for oil? Think again. The battle for U.S. shale driller Anadarko Petroleum ([[APC]]) shows that the real driving force for producers these days is paying dividends. In this particular war, it means the company with less room to spend recklessly on closing a deal also has the greater pressure to do it.
Chevron ([[CVX]]) and Occidental Petroleum ([[OXY]]) are both offering cash and shares to buy the Texan oil firm, but start in very different places. In strict financial terms, Occidental can pay more. It