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The state of U.S. shale production is a major factor influencing why a bidding war exists between Chevron (CVX) and Occidental Petroleum (OXY) over Anadarko (APC). OccidentalCEO Vicki Hollub stated that they have been making offers to Anadarkofor weeks before the Chevronannouncement, and “ focused on Anadarko for several years.” For Oxy, the $38 billion acquisition is a growth plan that fits with their relative strengths as a company — major shale player, global operations, and enhanced oil recovery prospects. Anadarko’s domestic U.S. shale assets would be highly complementary.