Chevron said Thursday it will not submit a new bid for The Woodlands-based Anadarko Petroleum, allowing Occidental Petroleum to acquire Anadarko’s prized assets in Permian Basin and remain the Permian’s top producer for the foreseeable future. The decision by San Ramon, Calif.-based Chevron ends a takeover battle after Anadarko initially agreed to be purchased by Chevron, which reportedly leaves with a consolation prize of a $1 billion breakup fee. The Houston Chronicle said the deal is expected to put Oxy on a tier with ConocoPhillips as the biggest independent oil and gas producers and below only majors such as ExxonMobil and Chevron. Occidental moved its headquarters from Los Angeles to Houston five years ago and has increasingly focused on growth in Permian Basin. Warren Buffet’s Berkshire Hathaway committed $10 billion to help finance Oxy’s bid. Oxy also acquires Anadarko’s assets in DJ Basin in Colorado, leading deepwater positions in Gulf of Mexico, prospective acreage in Powder River Basin in Wyoming, and assets in several South American countries, which it reportedly plans to sell. Oxy CEO Vicki Hollub said U.S. shale, including Permian and DJ basins, will remain the company’s strength.