Occidental to Buy Oil and Gas Company CrownRock in Cash-and-Stock Deal Valued at About $12 Billion

Occidental is buying oil and gas company CrownRock in a cash-and-stock deal valued at about $12 billion.

“We found CrownRock to be a strategic fit, giving us the opportunity to build scale in the Midland Basin,” Occidental President and CEO Vicki Hollub said in a statement, referring to the vast oil and gas fields in western Texas.

U.S. domestic oil production hit an all-time high in October. The U.S. Department of Energy’s Energy Information Administration reported that American oil production in the first week of October hit 13.2 million barrels per day, passing the previous record set in 2020 by 100,000 barrels.

Read the source article at ABC News