Occidental Completes Acquisition of CrownRock
Occidental (NYSE: OXY) has successfully completed its acquisition of CrownRock, L.P., as announced on August 1, 2024.
Rhea-AI Summary
Occidental (NYSE: OXY) has successfully completed its acquisition of CrownRock, L.P., as announced on August 1, 2024. This strategic move strengthens Occidental's portfolio, which the company now considers to be at its strongest and most differentiated in its history. President and CEO Vicki Hollub emphasized the significance of the acquisition, highlighting the addition of valuable assets and the integration of new team members. The combined workforce is expected to focus on the safe and efficient development of low-emission, low-cost energy, aligning with industry trends towards sustainability and cost-effectiveness.
Positive
- Acquisition of CrownRock strengthens Occidental's asset portfolio
- Potential for increased operational efficiency and cost reduction
- Alignment with industry trend towards low-emission energy production
Negative
- None.
Details
News Market Reaction – OXY
The recorded move for OXY in the trading session of this news was -2.88%.
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AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) announced today that it has closed its acquisition of CrownRock, L.P.
“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.
About Occidental
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We 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. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.
Contacts
| Media | Investors | |
| Eric Moses 713-497-2017 eric_moses@oxy.com | R. Jordan Tanner 713-552-8811 investors@oxy.com |
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