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Crownrock

All articles tagged with #crownrock

business2 years ago

Warren Buffett's Endorsement of Occidental Petroleum's Permian Basin Purchase Spurs Mega-Mergers and US Production Boom

Occidental Petroleum (OXY) recently acquired CrownRock in a $12 billion deal, prompting Warren Buffett's Berkshire Hathaway to increase its ownership in OXY. However, analysts from The Motley Fool's Stock Advisor do not consider OXY as one of the top 10 stocks to invest in. While Buffett's interest may be notable, investors should carefully evaluate the potential returns and consider other options before investing in OXY.

via Yahoo Finance|
#berkshire-hathaway#business#crownrock
business2 years ago

Warren Buffett Increases Occidental Petroleum Investment Amidst Oil Industry Consolidation

Warren Buffett's Berkshire Hathaway increased its stake in Occidental Petroleum after the company acquired shale driller CrownRock, making Occidental the second-largest oil producer in the Permian basin. Berkshire bought around 10.5 million shares of Occidental for approximately $590 million. In a separate move, Berkshire reduced its stake in HP by 60% this year, selling roughly 46 million shares and dropping its holding to around 52 million shares valued at about $1.6 billion.

via Investopedia|
#berkshire-hathaway#business#crownrock
business2 years ago

Buffett's Berkshire Doubles Down on Occidental with CrownRock Acquisition

Berkshire Hathaway, led by Warren Buffett, has purchased over 10 million shares of Occidental Petroleum worth $588 million, increasing its stake in the oil producer to 27%. This move signals confidence in Occidental's pending acquisition of CrownRock, a privately held oil producer in the Permian Basin. Despite Occidental taking on more debt, Buffett's share purchases indicate his belief in the deal's success. Occidental plans to reduce its debt below $15 billion by divesting non-core domestic assets.

via CNBC|
#berkshire-hathaway#business#crownrock
business2 years ago

Warren Buffett's $590 Million Investment Signals Major Shift in U.S. Oil Industry

Warren Buffett's Berkshire Hathaway purchased approximately 10.5 million shares of Occidental Petroleum (OXY) for nearly $590 million, following Occidental's announcement of a $12 billion deal to acquire CrownRock. Berkshire now holds slightly over 27% ownership of Occidental and also possesses preferred shares and warrants. Occidental plans to fund the acquisition through new debt, equity issuance, and assuming CrownRock's existing debt. The transaction is expected to close in Q1 2024. OXY's stock price rose by 3.01% in the past 24 hours, and Occidental plans to increase its dividend yield, benefiting Buffett.

via Finbold - Finance in Bold|
#berkshire-hathaway#business#crownrock
business2 years ago

Occidental Petroleum's $12B Acquisition of CrownRock Expands US Oil Empire

Occidental Petroleum, backed by Warren Buffett's Berkshire Hathaway, has agreed to acquire Texas shale driller CrownRock in a $12 billion deal, making it the second-largest producer in the Permian Basin. This latest megamerger in the US oil industry has sparked M&A speculation around UK rivals BP and Shell, who have dismissed takeover talk. Occidental will rely on debt to finance the deal, with plans to pay off some of the debt through asset sales next year. The company aims to cut debt by over $4.5 billion within a year.

via Yahoo Finance|
#business#crownrock#manda-speculation
business2 years ago

Occidental Petroleum's $12 Billion Deal to Acquire CrownRock Boosts Permian Operations

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.

via Investor's Business Daily|
#acquisition#business#crownrock
business2 years ago

Occidental Petroleum Acquires CrownRock in $12 Billion Deal, Expanding Permian Operations

Occidental Petroleum has announced its acquisition of energy producer CrownRock in a $12 billion deal, including debt. The purchase will be financed through new debt, common equity issuance, and assuming existing debt. The deal is expected to close in Q1 2024 and will provide Occidental with over 94,000 net acres in the Midland Basin. This marks Occidental's first major acquisition since its criticized purchase of Anadarko Petroleum in 2019. Investors are pushing for oil and gas producers to expand their inventories following recent major deals by Exxon Mobil and Chevron.

via Fox Business|
#acquisition#business#crownrock
energy2 years ago

Occidental Petroleum Acquires CrownRock in $12 Billion Permian Expansion Deal

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.

via Reuters|
#acquisition#crownrock#debt
energy2 years ago

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.

via CNBC|
#consolidation#crownrock#dividend