Occidental Petroleum (OXY.N) said on Monday it would buy Permian basin-based oil and gas producer CrownRock in a $12 billion deal including debt, boosting its production in the largest U.S. oilfield.
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The CrownRock deal is expected to boost Occidental’s Permian production by 170,000 barrels of oil equivalent per day in 2024.
Permian is a prime target for producers looking to increase their inventory. The shale patch, which lies between Texas and New Mexico, has robust infrastructure and is known for high productivity and large undeveloped reserves.
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