Occidental Petroleum Corp. is in talks to buy CrownRock LP, according to the Wall Street Journal, as a dealmaking frenzy continues on the US oil patch.
A deal for CrownRock could be valued above $10 billion including debt and could come together soon, the newspaper reported, citing people familiar with the matter.
CrownRock is one of the largest closely held oil and gas producers in the Permian Basin, North America’s biggest source of crude. The company run by Republican Party fundraiser Tim Dunn is up for sale and could fetch around $8 billion, a person familiar with the matter told Bloomberg News last month.
