Buffett Backs Occidental’s Acquisition of CrownRock by Buying More Stock ...Middle East

OILPRICE - Economy
Buffett Backs Occidental’s Acquisition of CrownRock by Buying More Stock
source : OILPRICE ( Middle East ) () 46
Warren Buffett’s Berkshire Hathaway bought close to $590 million worth of Occidental Petroleum stock this week after the latter announced it would acquire Permian oil driller CrownRock. Occidental said it will buy CrownRock for cash and stock in a deal valued at around $12 billion, including debt. The target company has more than 94,000 net acres of premium stacked pay assets and supporting infrastructure that “are well positioned alongside Occidental’s legacy Midland Basin business,” per the buyer. The deal will add 170,000…

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