Commodities
Occidental Weighs Selling EcoPetrol $3.6 Billion Permian Stake
- Colombian driller could acquire 30% of CrownRock assets
- Ownership could rise up to 49% of assets pending negotiations
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Occidental Petroleum Corp. is exploring selling a 30% ownership stake in its recent Permian Basin acquisition to EcoPetrol SA for $3.6 billion, the company said Friday in a government filing.
Depending on negotiations, Colombian driller EcoPetrol could end up acquiring an even larger stake, up to 49%, in the assets Occidental agreed to buy from CrownRock LP for $12 billion in late 2023. This option expires in August, according to the filing.