Energy
Occidental to Buy Oil Driller CrownRock for $10.8 Billion
- It’s Occidental’s largest purchase since takeover of Anadarko
- Oil deals come as companies push to line up new drilling sites
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Occidental Petroleum Corp. agreed to acquire Texas shale driller CrownRock LP in a cash-and-stock deal valued at about $10.8 billion as consolidation heats up in North America’s most-prolific oil basin.
The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals, Occidental said Monday in a statement. The company has lined up $10 billion of committed bridge financing through Bank of America Corp., according to an investor presentation. That’s expected to be replaced with more permanent financing including term loans and bonds.