Occidental Petroleum in talks to buy CrownRock for more than $10 billion: report
By Mike Murphy
Occidental Petroleum Corp. (OXY) is in negotiations to buy Texas energy producer CrownRock in a deal that could be valued at more than $10 billion, the Wall Street Journal reported late Wednesday.
If all goes well, the deal could come together soon, according to the Journal.
Midland, Texas-based CrownRock is a major developer of Permian Basin oilfields, and it one of the last remaining big private companies in the region, according to the Journal.
Warren Buffett's Berkshire Hathaway (BRK.A) (BRK.B) owns a roughly 25% stake in Occidental.
In October, ExxonMobil Corp. (XOM) said it would buy Permian shale driller Pioneer Natural Resources Co. (PXD) in an all-stock deal valued at $59.5 billion.
-Mike Murphy
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11-29-23 2246ET
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