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Occidental lands $12 billion takeover of shale producer CrownRock
![IndiaTimes]()
Monday, 11 December 2023
Occidental Petroleum agrees to buy CrownRock, a closely-held US shale oil producer, in a $12 billion cash-and-stock deal. This acquisition expands Occidental's presence in the largest US shale oilfield and makes it a bigger player in the US shale than Chevron and Hess combined. The deal is expected to close in the first quarter of 2024 and would boost Occidental's Permian production by 170,000 barrels of oil and gas per day. Occidental plans to finance the purchase with $9.1 billion of new debt and $1.7 billion in common stock.
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Monday, 11 December 2023
