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The Guardian - US
The Guardian - US
Business
Callum Jones and agencies

Occidental Petroleum to buy energy producer CrownRock in $12bn deal

Occidental CrownRock Occidental Petroleum Petroleum Oil Texas United States
a gold logo on a tall building
The Occidental Petroleum building in Los Angeles. Photograph: Kevork Djansezian/AP

Occidental Petroleum has agreed to buy energy producer CrownRock in a cash-and-stock deal valued at $12bn, the latest in a string of vast fossil fuel takeovers in the United States.

The acquisition will increase Occidental’s acreage in the oil-rich Permian basin, America’s largest oil-producing area, and boost its production in the region by about 170,000 barrels of oil equivalent per day.

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