Occidental to Buy Permian Oil Producer CrownRock in $12-Billion Deal

Occidental Petroleum will buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12 billion, including debt, Oxy said on Monday announcing the latest large acquisition in the U.S. oil industry. Reports of a potential Occidental- CrownRock transaction emerged at the end of last month when the Wall Street Journal reported that a deal would be valued at more than $10 billion including debt. Occidental confirmed those reports today with the news that it has entered into a purchase agreement to buy CrownRock, whose…