Occidental Petroleum (OXY) has sweetened its offer for Anadarko Petroleum (APC), the latest development in its battle with Chevron (CVX) for prized US shale assets.
The revised offer hikes the amount of cash included in the $76 per share offer to $59.
Occidental was backed last week by Berkshire Hathaway's (BRKA) Warren Buffett, who invested $10 billion in the company to help finance its takeover of Anadarko.
Vicki Hollub, the CEO of Occidental, increased pressure on Anadarko in a letter to its board of directors dated Sunday.
We remain perplexed at your apparent resistance to obtaining far more value for Anadarko shareholders which has been expressed clearly through our interactions over the last week," she wrote.
The bidding war for Anadarko reflects an intense desire by US oil companies to acquire America's best shale assets. Occidental is already the No. 1 oil producer in the vast Permian Basin.