Occidental Petroleum's $12 Billion Deal to Acquire CrownRock Boosts Permian Operations
TL;DR
Occidental Petroleum, backed by Warren Buffett, has agreed to acquire Permian Basin oil producer CrownRock in a deal valued at around $12 billion. This marks Occidental's first major acquisition since 2019 and comes as energy companies seek to increase their presence in the consolidating Permian Basin. Occidental plans to finance the purchase through new debt and common stock issuance. The acquisition is expected to close in Q1 2024.
Topics:top-newsbusiness#acquisition#business#crownrock#occidental-petroleum#permian-basin#warren-buffett
- Warren Buffett-Backed Occidental Petroleum Makes $12 Billion Deal For Permian Producer Investor's Business Daily
- Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend CNBC
- Occidental Petroleum acquiring CrownRock for $12B Yahoo Finance
- Occidental Petroleum to boost Permian ops with $12 billion deal for CrownRock Yahoo Finance
- Occidental to Buy CrownRock in Nearly $11 Billion Deal as Oil Patch Consolidates The Wall Street Journal
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