Occidental Petroleum's $12 Billion Deal to Acquire CrownRock Boosts Permian Operations
TL;DR Summary
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.
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- Occidental to Buy CrownRock in Nearly $11 Billion Deal as Oil Patch Consolidates The Wall Street Journal
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