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Chevron's stock surges after refusing to raise bid for Anadarko, expects $1 billion merger termination fee

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Chevron surges on word that it won't up bid for Anadarko

Shares of Chevron Corp. CVX, -0.65% shot up 3.1% in premarket trade Thursday, after the oil giant said it would not raise its bid to buy Anadarko Petroleum Corp. APC, +0.05% and expects Anadarko to terminate the merger deal. "Winning in any environment doesn't mean winning at any cost," said Chevron Chief Executive Michael Wirth. "Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal.

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