Transaction Details: 

Occidental today announced it is buying Midland-based oil and gas producer CrownRock L.P., a joint venture of CrownQuest Operating LLC and Lime Rock Partners, for cash and stock in a transaction valued at approximately $12.0 billion, including the assumption of CrownRock’s debt.  10 billion in cash and $2 billion in stock.

Highlights include:

• 94,000 net acres
• 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
• Substantive surface acreage of nearly 10,000 acres, along with hundreds of miles of gathering and water infrastructure, provides material operational efficiency
• Nearly 100% operated position with high average working interest of 93% amplifies Occidental’s capabilities

• Purchase Price : $12 billion
• 2024 Production Est. : $170 Mboe/d
• Undev. Locations : ~1700
• Land : ~94,000 net acres
• Avg. WI : 93%