Bar rises for shale takeovers as Chevron bows out of Anadarko fight

HOUSTON: Chevron Chief Executive Michael Wirth's decision to opt out of a bidding war for Anadarko Petroleum Corp has raised the bar for deals, and dampened expectations that oil majors will drive a new wave of consolidation in U.S. shale.

Weak shares prices have chilled deal-making among similar-sized oil producers. Last quarter, the value of U.S. energy deals fell to a 10-year low.Investor reaction to the Chevron-Occidental contest for Anadarko also may cause potential for the majors to think twice before getting involved in a bidding contest.

Avoiding overspending on shale is"what shareholders have been advocating for," said Andrew Dittmar, an M&A analyst at researcher Drillinginfo."Chevron stock got a decent pop on a lousy day for the market."

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