Occidental Petroleum has signed a $12 million cash-and-stock deal to acquire the oil and gas producer CrownRock. 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. Write to Dean Seal at dean.seal@wsj.comMilestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Source: Wall Street Journal December 11, 2023 13:02 UTC