Occidental Petroleum said Monday it would buy Permian basin-based energy producer CrownRock in a cash-and-stock deal valued at $12 billion.
Occidental said it would finance the purchase with $9.1 billion of new debt, the issuance of about $1.7 billion of common equity and the assumption of CrownRock's $1.2 billion of existing debt.
The deal is expected to close in the first quarter of 2024.
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