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Business News/ News / Occidental to Acquire CrownRock in $12 Billion Deal
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Occidental to Acquire CrownRock in $12 Billion Deal

wsj

Occidental Petroleum has signed a $12 million cash-and-stock deal to acquire the oil and gas producer CrownRock.

Occidental to Acquire CrownRock in $12 Billion DealPremium
Occidental to Acquire CrownRock in $12 Billion Deal

Occidental Petroleum has signed a $12 million cash-and-stock deal to acquire the oil and gas producer CrownRock.

Houston-based Occidental said Monday that it will take on $9.1 billion in new debt and issue $1.7 billion in new shares to finance the transaction, which sees it gaining CrownRock’s 94,000 net acres in the northern part of the Midland Basin in Texas. The acreage is part of the Permian basin, the largest oil producing region in the U.S.

The Wall Street Journal reported in late November that Occidental was in talks to buy CrownRock, which is backed by the private-equity firm Lime Rock Partners.

As part of the deal, Occidental will assume CrownRock’s $1.2 billion of existing debt.

The acquisition is expected to close in the first quarter of next year.

Write to Dean Seal at dean.seal@wsj.com

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