tldrdailynews.com logo

Occidental Petroleum Acquires CrownRock in $12 Billion Permian Expansion Deal

1 min read
Source: Reuters
Occidental Petroleum Acquires CrownRock in $12 Billion Permian Expansion Deal
Photo: Reuters
TL;DR

Occidental Petroleum has announced its plans to acquire energy producer CrownRock in a cash-and-stock deal valued at $12 billion, including debt. The acquisition will expand Occidental's operations in the lucrative Permian basin and add over 94,000 net acres in the Midland basin of Texas. Occidental will finance the purchase with new debt, common equity, and assuming existing debt. This deal marks Occidental's first major acquisition since its debt-laden purchase of Anadarko Petroleum in 2019. The transaction is expected to close in the first quarter of 2024 and will immediately contribute to Occidental's free cash flow.

Topics:businessenergy#acquisition#crownrock#debt#energy#occidental-petroleum#permian-basin
Share this article
  1. Occidental Petroleum to expand Permian ops with $12 billion deal for CrownRock  Reuters
  2. Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend  CNBC
  3. Occidental to Buy CrownRock for $12 Billion as Oil Patch Consolidates  The Wall Street Journal
  4. Occidental to Buy Oil Driller CrownRock in $12 Billion Deal  Bloomberg
  5. Occidental to Buy Permian Oil Producer CrownRock in $12-Billion Deal  OilPrice.com

Want the full story? Read the original reporting

Read on Reuters