Occidental to Acquire CrownRock in $12 Billion Deal

Occidental Petroleum has signed a $12 billion cash-and-stock deal to acquire the oil and gas producer CrownRock.

Houston-based Occidental said Monday that it will take on $9.1 billion in new debt and issue $1.7 billion in new shares to finance the transaction, which sees it gaining CrownRock’s 94,000 net acres in the northern part of the Midland Basin in Texas. The acreage is part of the Permian basin, the largest oil producing region in the U.S.