Occidental Petroleum hopes it will have closed its $12-billion planned acquisition of Permian oil and gas producer CrownRock by the next quarterly earnings report at some point in August 2024, Oxy’s chief executive Vicki Hollub said on the Q1 call with analysts. At the end of last year, Oxy said it would buy CrownRock for cash and stock in a deal valued at around $12 billion, including debt, with which it joined the wave of mergers and acquisitions in the U.S. oil industry.
However, Occidental said in February 2024 it expects the closing of the deal to be delayed to the second half of 2024 as the Federal Trade Commission FTC had asked for additional information while it reviews the proposed transaction. Replying to a question from an analyst on this week’s Q1 earnings call, Oxy’s Hollub said, referring to the timing for closing the deal, “We'll definitely provide an update when we have our next quarterly meeting.