There is an element of truth to the statement, but it is complicated by Occidental’s debt. So let’s review the numbers.

Eleven months ago, Chevron attempted to buy Anadarko in the sixth-largest oil and gas deal in history. The deal would have given Anadarko $33 billion, and it would have assumed Anadarko's $17 billion debt for a total cost to Chevron of $50 billion.

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