Occidental Completes Acquisition of CrownRock

Rhea-AI Summary

Occidental (NYSE: OXY) has successfully completed its acquisition of CrownRock, L.P., as announced on August 1, 2024. This strategic move strengthens Occidental's portfolio, which the company now considers to be at its strongest and most differentiated in its history. President and CEO Vicki Hollub emphasized the significance of the acquisition, highlighting the addition of valuable assets and the integration of new team members. The combined workforce is expected to focus on the safe and efficient development of low-emission, low-cost energy, aligning with industry trends towards sustainability and cost-effectiveness.

Positive

• Acquisition of CrownRock strengthens Occidental's asset portfolio
• Potential for increased operational efficiency and cost reduction
• Alignment with industry trend towards low-emission energy production

Negative

• None.

HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) announced today that it has closed its acquisition of CrownRock, L.P.

“By completing this transaction, Occidental adds assets that we believe make the best portfolio in our company’s history even stronger and more differentiated. We also welcome new team members who will combine with ours to form a high-performing employee base that is focused on safely and efficiently developing low-emission, low-cost energy,” said President and Chief Executive Officer Vicki Hollub.

About Occidental

Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Contacts

Media		Investors
Eric Moses 713-497-2017 eric_moses@oxy.com		R. Jordan Tanner 713-552-8811 investors@oxy.com

FAQ

When did Occidental (OXY) complete the acquisition of CrownRock?

Occidental (OXY) completed the acquisition of CrownRock on August 1, 2024.

What is the expected impact of the CrownRock acquisition on Occidental's (OXY) portfolio?

The acquisition is expected to make Occidental's portfolio stronger and more differentiated, described as the best in the company's history.

What is Occidental's (OXY) focus following the CrownRock acquisition?

Following the acquisition, Occidental is focusing on safely and efficiently developing low-emission, low-cost energy.

Who commented on the CrownRock acquisition for Occidental (OXY)?

Vicki Hollub, President and Chief Executive Officer of Occidental, commented on the acquisition.