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Occidental bid for Anadarko reached mid-$70s per share before Chevron deal disrupted talks: Sources

Tom DiChristopher
FILE - In this Tuesday, Aug. 25, 2009 file photo, crew members with Anadarko Petroleum Corp., work on a drilling platform on a Weld County farm near Mead, Colo., in the northeastern part of the state. The drilling process called hydraulic fracturing, or fracking, is shaking up world energy markets from Washington to Moscow to Beijing. Some predict what was once unthinkable: that the U.S. won't need to import natural gas in the near future, and that Russia could be the big loser. (AP Photo/Ed And

Merger talks between Occidental Petroleum and Anadarko Petroleum were ongoing when Chevron announced on Friday it would acquire Anadarko for $33 billion, sources tell CNBC.

The deal announcement by Chevron cut short the talks between Occidental and Anadarko, the sources told CNBC's David Faber, who reported the rival bid by Houston-based Occidental on Friday. The Occidental bid was in the mid-$70s per share and was being structured as a 40% cash deal.

Occidental continues to consider whether it should take the price to shareholders in an unsolicited offer, the sources say.