Occidental Petroleum Acquires CrownRock in $12 Billion Deal, Boosts Dividend

Occidental Petroleum has agreed to acquire CrownRock, a major energy producer operating in the Permian Basin, for $12 billion. This deal is part of the ongoing consolidation in the U.S. energy sector, particularly in the Permian region. Occidental will finance the transaction through debt and common stock issuance. Additionally, Occidental announced an increase in its quarterly dividend. The acquisition will boost Occidental's production and add undeveloped locations in the Permian. CrownRock is one of the last major private producers in the Permian.