Occidental (NYSE:OXY) announced its acquisition of CrownRock LP, an oil and gas company located in Midland. This transaction is valued at around $12 billion and includes a combination of cash and stock, along with the assumption of CrownRock’s existing debt.

Occidental’s President and CEO, Vicki Hollub, expressed enthusiasm about the acquisition. She believes that incorporating CrownRock’s assets will enhance what is already considered Occidental’s strongest and most distinctive portfolio. Hollub highlighted the strategic alignment of the acquisition, noting that it expands Occidental’s presence in the Midland Basin and is expected to immediately contribute to shareholder value through increased free cash flow.

She also pointed out the potential for operational synergies, expressing eagerness to integrate CrownRock’s high-performing team into Occidental. This move is seen as a continuation of Occidental’s track record of operational and financial excellence.

CrownRock LP represents a joint venture between CrownQuest Operating and Lime Rock Partners. The acquisition by Occidental is strategically designed to bolster the company’s financial strength, with the aim of delivering higher free cash flow per diluted share.

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