Joele Frank, Wilkinson Brimmer Katcher is counseling Anadarko Petroleum Corp, which today reopened negotiations with Occidental Petroleum on its revised $38B takeover bid.

The independent energy giant on April 11 accepted a bid from Chevron Corp., which eyes Anadarko’s shale holdings in the Permian Basin of Texas and New Mexico.

After consulting its financial and legal advisors, Anadarko’s board “unanimously determined” that OxyPete’s bid “could reasonably be expected to result in a superior proposal” to the Chevron offer, according to its statement.

Since there is no guarantee that a deal with OxyPete will be reached, the Chevron merger agreement remains in effect.

JFWBK’s Matthew Sherman, Dan Katcher, Scott Bisang and Matt Gross represent Anadarko.