Occidental (NYSE: OXY) acquired Midland-based oil and gas producer CrownRock in a cash-and-stock transaction valued at about $12 billion, including debt.
The deal adds roughly 94,000 net acres in the Permian Basin’s Midland Basin and about 170,000 barrels of oil equivalent per day of production, strengthening Occidental’s U.S. onshore portfolio.
The transaction was expected to close in the first quarter of 2024, subject to regulatory approvals.