Ecopetrol Pulls Out Of Deal to Buy Occidental’s CrownRock Assets ...Middle East

Occidental Petroleum (NYSE:OXY) has disclosed that Colombia’s Ecopetrol S.A. (NYSE:EC) has pulled out of a deal to buy a 30% stake in Occidental’s CrownRock assets. Last year, Occidental announced a deal to acquire CrownRock and its significant Permian Basin assets in a cash and stock deal valued at ~$12B. In May, Occidental reaffirmed plans to sell $4.5B-$6B of CrownRock assets within 18 months of closing the purchase, set to be completed by August. Occidental hoped to use part of the proceeds from the Ecopetrol deal to pay down debt,…

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