Occidental acquires CrownRock for ~$12B; adds 170 Mboed, 1,700 Permian locations

OCCIDENTAL PETROLEUM CORP /DE/

Total consideration ~$12.0B: $9.1B cash, ~$1.7B OXY stock, assumption of $1.2B CrownRock debt.
Adds ~170 Mboed high-margin production in 2024 and 1,700 undeveloped locations, 1,250 sub-$60 breakeven.
Increases Permian sub-$40 breakeven inventory by 33% and total sub-$40 inventory by 25%.
Quarterly dividend raised 22% to $0.22/share starting February 2024 declaration.
Plans $4.5-6.0B divestiture program to reduce debt by at least $4.5B within 12 months.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

OCCIDENTAL PETROLEUM CORP /DE/ entered into Purchase Agreement with CrownRock Holdings, L.P. and CrownRock GP, LLC valued at approximately $12.0 billion (effective 2023-12-10).

Action: entry
Agreement: asset purchase
Counterparty: CrownRock Holdings, L.P. and CrownRock GP, LLC
Value: approximately $12.0 billion
Effective: 2023-12-10

Exact text from the filing

Purchase Agreement On December 10, 2023, Occidental Petroleum Corporation, a Delaware corporation (“Occidental”), CrownRock Holdings, L.P., a Delaware limited partnership (“Limited Partner”), CrownRock GP, LLC, a Delaware limited

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OCCIDENTAL PETROLEUM CORP /DE/ filing history →

Source: SEC EDGAR

accession 0001140361-23-057344

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