Occidental to acquire CrownRock, strengthen onshore portfolio with Permian Basin assets

Occidental Petroleum (Oxy) announced it entered into a purchase agreement to acquire Midland-based oil and gas producer CrownRock, a joint venture of CrownQuest and Lime Rock Partners, for cash and stock in a transaction valued at approximately $12 billion.

The deal is expected to deliver increased free cash flow on a diluted share basis, including $1 billion in the first year based on $70/bbl WTI. Additionally, it will enhance Oxy’s Permian portfolio by adding approximately 170,000 BOED of unconventional production in 2024 and roughly 1,700 undeveloped locations.

Lastly, its combined position builds upon Occidental’s subsurface understanding and well performance while providing operational flexibility and upside.