Occidental ponders selling 30% of CrownRock assets for $3.6B - Breaking The News

Occidental ponders selling 30% of CrownRock assets for $3.6B

19 July

1 min read

EPA/ALI HAIDER

Occidental Petroleum Corp (Oxy) revealed on Friday in a filing that it is currently holding talks with Ecopetrol SA on the potential sale of part of its stake in CrownRock, L.P.

Should Occidental choose to go ahead with such a decision, Ecopterol would be getting 30% of CrownRock assets and buying them for around $3.6 billion.

"If a definitive agreement is entered into, Occidental expects it will be subject to the satisfaction or waiver of customary closing conditions," Oxy mentioned. However, should the negotiations fall through, Ecopetrol's indirect stake could stand at 49%.

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