Occidental Petroleum Finalizes CrownRock Acquisition to Boost Oil Output
Friday, 2 August 2024, 08:16
Occidental Petroleum Completes Acquisition
Occidental Petroleum has successfully completed its acquisition of CrownRock, a strategic move that will have significant implications for the company's operations.
Key Details of the Deal
- Transaction Value: $12 billion
- Production Increase: Adds approximately 170,000 barrels of oil equivalent per day (boepd) by 2024
- New Locations: Gain of roughly 1,700 undeveloped locations
This acquisition not only strengthens Occidental's portfolio but also positions the company favorably within the competitive landscape of the oil industry.
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