Occidental To Acquire CrownRock For $12B To Strengthen US Onshore Portfolio With Premier Permian Basin Assets
Portfolio Pulse from Benzinga Newsdesk
Occidental Petroleum Corporation (OXY) is set to acquire CrownRock for $12 billion, aiming to bolster its US onshore portfolio with high-quality assets in the Permian Basin. This strategic move is expected to enhance Occidental's production capabilities and reserves in one of the most prolific oil-producing regions in the United States.
December 11, 2023 | 12:02 pm
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POSITIVE IMPACT
Occidental's acquisition of CrownRock for $12 billion is a significant expansion in the Permian Basin, likely to increase its production and reserves, potentially leading to increased investor confidence and stock value.
The acquisition of CrownRock is directly related to Occidental's strategic growth in the Permian Basin. This move is likely to be viewed positively by investors as it could lead to increased production, improved efficiency, and potentially higher revenues. The significant investment indicates a strong commitment to growth, which could positively influence Occidental's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100