Ecopetrol Withdraws from CrownRock Stake Acquisition Talks with Occidental
Thursday, 1 August 2024, 11:13
Ecopetrol Abandons CrownRock Stake Acquisition
In a recent development, Ecopetrol has confirmed that it will not proceed with the planned acquisition of a30% stake in
CrownRock, a shale oil producer, from Occidental Petroleum. This decision comes after earlier reports indicated that discussions were underway.
Background on CrownRock and Occidental's Deal
- Last year, Occidental finalized a purchase of CrownRock for $12 billion, which included both cash and stock.
- The acquisition deal also encompassed underlying debt, representing a significant investment in U.S. shale oil.
Ecopetrol’s Future Options
If no agreement is made, Ecopetrol holds a potential option to participate in acquiring CrownRock's assets via the Rodeo Midland Basin Joint Venture. This option would lead to an indirect ownership of a 49% interest in CrownRock.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.