HOUSTON — Occidental Petroleum pulled it off.

When Chevron said on Thursday that it would not raise its bid for Anadarko Petroleum, it was not only the end of a fierce monthlong takeover battle with Occidental emerging as the winner. The decision will also make Occidental the undisputed top producer in the Permian Basin, the field that turned the United States into a major oil exporter.

“It’s an extraordinary journey for a company that started with a few gas wells in the Central Valley of California to have found its destiny as a world-class company in the center of the most dynamic place in the entire global oil industry,” said Daniel Yergin, author of “The Prize: The Epic Quest for Oil, Money and Power.”

In some ways the company’s hard-fought acquisition of Anadarko is a throwback to a very different chapter in Occidental’s centurylong history.

From 1957 to 1990, the company was led by Armand Hammer, who made big, risky deals in Libya and around the developing world to turn Occidental into a big-name oil producer. Under Mr. Hammer, Occidental became a conglomerate with interests in horse breeding and meatpacking.