The Wall Street Journal Reported Late Wednesday, Occidental Petroleum In Talks To Buy CrownRock In More Than $10B Deal, According To Sources
Portfolio Pulse from Charles Gross
Occidental Petroleum is reportedly in discussions to acquire Permian producer CrownRock in a deal valued at over $10 billion, according to The Wall Street Journal.
November 30, 2023 | 9:34 am
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Occidental Petroleum's potential acquisition of CrownRock for over $10 billion could significantly expand its presence in the Permian Basin.
The news of Occidental Petroleum (OXY) in talks to acquire CrownRock suggests a strategic move to expand its operations, which could lead to increased investor confidence and a potential short-term rise in OXY's stock price. However, the final impact will depend on the deal's terms, financing, and investor perception of the acquisition's value.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 100