HSR clearance for CrownRock deal; Ecopetrol may buy 30% stake for ~$3.6B

OCCIDENTAL PETROLEUM CORP /DE/

HSR waiting period for CrownRock acquisition expired; closing expected August 2024.
Ecopetrol in talks to acquire 30% interest in CrownRock assets for ~$3.6B, subject to definitive agreement.
If no agreement by August 2024, Ecopetrol can opt for indirect 49% interest via Rodeo Midland Basin JV.
Proceeds from Ecopetrol Transaction would be used to repay term loans.
CrownRock 2023 net income $1,278.6M, total assets $4,442.2M, debt $1,237.2M.

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