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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
Occidental Petroleum Corp
Seller
Crownrock, Lp
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
Permian - Midland Basin

Country
United States

State
Texas

County
Martin ,Howard ,Glasscock ,Upton ,Martin

Play
Midland Basin


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


Other Permian - Midland Basin Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
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

Price History


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 - -

Other Crownrock Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
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

Other Occidental Petroleum Corp Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
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