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.
