---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-057344"
form_type: "8-K"
ticker: "OXY"
cik: "0000797468"
company_name: "OCCIDENTAL PETROLEUM CORP /DE/"
filed_at: "2023-12-12T23:59:59+00:00"
generated_at: "2026-06-07T14:29:33.808685+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-23-057344
- form_type: 8-K
- ticker: OXY
- cik: 0000797468
- company_name: OCCIDENTAL PETROLEUM CORP /DE/
- filed_at: 2023-12-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/797468/000114036123057344/0001140361-23-057344-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/797468/000114036123057344/ny20016462x1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-057344
- JSON: https://secwatch.observer/filing/0001140361-23-057344.json
- Plain text: https://secwatch.observer/filing/0001140361-23-057344.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/797468/000114036123057344/0001140361-23-057344-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.