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Occidental Petroleum (Oxy) is in talks to buy shale driller CrownRock LP, as per sources. The deal for the closely held CrownRock is said to be valued at over $10bn. CrownRock is one of the largest private oil and gas producers in the Permian Basin with output across west Texas and New Mexico doubling in six years. Bloomberg notes that the region now yields more oil daily than even OPEC major Iraq. A deal by Oxy would add to its M&A portfolio following the $38bn takeover of Anadarko Petroleum in 2019. Last month, Bloomberg reported that CrownRock was up for sale and could receive $8bn with Devon Energy being an interested buyer.
Oxy’s bonds were trading slightly weaker with its 3.5% 2029s down 0.5 points to 87.2, yielding 6.21%.
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