Oxy's $12-Billion Permian Acquisition Delayed as Regulator Seeks More Info

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 68%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Occidental Petroleum expects the closing of its $12-billion deal to buy CrownRock to be delayed to the second half of 2024 as the Federal Trade Commission FTC has asked for additional information

while it reviews the proposed transaction. At the end of last year, Oxy said it would buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12 billion, including debt, with which it joined the wave of recent mergers and acquisitions in the U.S. oil industry.

However, the FTC sent last month requests to both companies asking them for additional information related to the acquisition, Occidental’s top executives said on the earnings call on Thursday. “The FTC's request for additional information will impact the timing of closing, which we expect to occur in the second half of the year,” Oxy’s Senior Vice President and CFO, Sunil Mathew, told analysts.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kushner Defends $2B Investment By Saudis, Says Won't Join A Trump AdministrationJared Kushner, Donald Trump's son-in-law and former advisor, has defended a $2-billion investment from Saudi Arabia's sovereign wealth fund
Source: OilandEnergy - 🏆 34. / 68 Read more »