HOUSTON — Houston-based Occidental Petroleum Corp. (NYSE: OXY) has officially won its bid to acquire The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC).

California-based Chevron Corp. (NYSE: CVX) announced May 9 that it won’t counter Occidental’s $76-per-share offer that Anadarko chose earlier this week. As such, Anadarko is expected to terminate the previously announced deal with Chevron, which will receive a $1 billion breakup fee.

As previously announced, Chevron still plans to increase its share repurchase program 25 percent to $5 billion per year, according to the company’s May 9 press release.

To read more about the bidding war, visit the Houston Business Journal