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Oxy Acquires Midland Basin Juggernaut For $12 Billion
Announced Date
December 11,2023
Deal Value $
12,000,000,000
Net Acres
94,000
Location Count
1,700
Transaction Type
Corporate
Buyer
Seller
Price Per BOE $
40,000
Source Documents:
Location
Multiples
Region
Permian - Midland Basin
Country
United States
State
Texas
County
Martin ,Howard ,Glasscock ,Upton ,Martin
Play
Production Production
170,000 Boe/d
Multiples
Production ($/boe/d)
70,588
$Price/Net Acre
127,660
$Price/Adj. Net Acre
55,319
$/Location
3,058,824
Adj. $/acre is based on production
@40,000 Boe/d
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.
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
strong>Transaction Summary
- Purchase Price : $12 billion
- 2024 Production Est. : $170 Mboe/d
- Undev. Locations : ~1700
- Land : ~94,000 net acres
- Avg. WI : 93%
Map Source : Occidental Petroleum - via Presentation Manager.
Permian - Midland Basin Deal Activity In Last 12 Months
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Feb-12-2024 | - | - | Click here | Texas | E&P |
Sep-13-2023 | - | - | Click here | Texas | E&P |
Jun-20-2023 | - | - | Click here | Texas | E&P |
Apr-03-2023 | - | - | Click here | Texas | E&P |
Feb-14-2023 | - | - | Click here | Texas | E&P |
Date | Deal Headline | Price | $/acre |
---|---|---|---|
Feb-12-2024 | Diamondback To Acquire Endeavor Energy In $26 Billion Transaction | - | - |
Jan-04-2024 | APA Corp to Acquire Permian Pure Player- Callon In All Stock Deal | - | - |
Dec-15-2023 | Fury Resources Takes Battalion Private In Transaction Worth $450 Million : Map | - | - |
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Dec-13-2013 | - | - | Click here | Texas | E&P |
Dec-28-2012 | - | - | Click here | Texas | E&P |
Jul-02-2012 | - | - | Click here | Texas | E&P |
May-11-2012 | - | - | Click here | Texas | E&P |
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Jun-10-2021 | - | - | Click here | Texas | E&P |
Oct-01-2020 | - | - | Click here | E&P | |
Aug-19-2020 | - | - | Click here | Colorado | E&P |
Aug-01-2019 | - | - | Click here | Texas | E&P |
May-10-2019 | - | - | Click here | Colorado | E&P |