Chevron (CVX) and ConocoPhillips (COP) are the top bidders in the U.S. auction for drilling rights in the western Gulf of Mexico. CVX submitts the top sum of high bids at $56M, and pays the top bid for a single tract ($17.2M). COP submits the most high bids, 62, worth $52M overall. Exxon's (XOM) four successful bids are in deepwater blocks that will take years to develop.
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