HOUSTON — The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC) has agreed to the newest acquisition offer from Houston-based Occidental Petroleum Corp. (NYSE: OXY) and plans to terminate its previously announced deal with Chevron Corp.

But California-based Chevron (NYSE: CVX) still has time to make a counteroffer, according to Anadarko’s May 6 press release.

On May 5, Occidental sent a revised offer to Anadarko for $59 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock. Like Occidental’s prior offer on April 24, the deal is valued at $76 per share. However, the latest offer is for 78 percent cash and 22 percent stock, whereas the proposal announced on April 24 was a 50-50 split.

To read more about the new deal, click HERE for more from the Houston Business Journal