Occidental Petroleum Corp (NYSE: OXY) has entered into a purchase agreement to acquire Midland-based oil and gas producer CrownRock L.P. for cash and stock in a transaction valued at about $12.0 billion, including assumption of debt.
CrownRock L.P. is a joint venture of CrownQuest Operating LLC and Lime Rock Partners. CrownRock's over 94,000 net acres of stacked pay assets and supporting infrastructure amplify the company's Midland Basin business.
The acquisition is expected to complement and enhance Occidental's Permian portfolio by adding about 170 thousand barrels of oil equivalent ...