Published: August 2, 2024 |

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Occidental has closed its acquisition of CrownRock. The acquisition was announced in December 2023.

“By completing this transaction, Occidental adds assets that we believe make the best portfolio in our company’s history even stronger and more differentiated. We also welcome new team members who will combine with ours to form a high-performing employee base that is focused on safely and efficiently developing low-emission, low-cost energy,” said President and Chief Executive Officer Vicki Hollub.

HIGHLIGHTS INCLUDE:

• Expected to deliver increased free cash flow on a diluted share basis,
  including $1 billion in the first year based on $70 per barrel WTI
• Complements and enhances Occidental’s premier Permian portfolio with
  the addition of approximately 170 thousand barrels of oil equivalent per
  day (Mboed) of high-margin, lower-decline unconventional production in 2024, as well as approximately 1,700
  undeveloped locations
• Increases Occidental’s Permian unconventional sub-$40 breakeven inventory by 33 percent
• CrownRock’s more than 94,000 net acres of premium stacked pay assets and supporting infrastructure are well
  positioned alongside Occidental’s legacy Midland Basin business
• Increased cash flow, along with proceeds from a new $4.5-$6 billion divestiture program, will enable Occidental
  to reduce its debt principal by at least $4.5 billion within 12 months and expect to retain its investment grade
  credit ratings
• Combined position builds upon Occidental’s subsurface understanding and leading well performance, while
  providing operational flexibility and upside

Occidental is an international energy company with assets primarily in the United States, the Middle East, and North Africa. They are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Their midstream and marketing segment provides flow assurance and maximizes the value of its oil and gas. Their chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Their Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow its business while reducing emissions.

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