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