Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend
Publishing timestamp: 2023-12-11 10:27:13
Summary
Occidental Petroleum has agreed to acquire CrownRock, a major privately held energy producer operating in the Permian Basin, for $12 billion. The deal is part of a consolidation trend in the U.S. energy sector, particularly in the Permian region. The transaction is expected to close in the first quarter of 2024 and will add to Occidental's production and operations in the Permian. Occidental plans to finance the acquisition through debt and common stock issuance. The company also announced an increase in its quarterly dividend.
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