Chevron said Thursday it will bow out and allow the smaller Occidental Petroleum to win the nearly $40 billion bidding war for Anadarko Petroleum.

Houston-based Oxy’s dogged determination allowed it to acquire The Woodlands oil and gas producer and its prized assets in West Texas’ booming Permian Basin, a move that should keep Oxy as the Permian’s top producer for the foreseeable future.

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