Occidental Petroleum plans to issue $5 billion in investment-grade bonds to finance its acquisition of CrownRock, a Permian Basin oil and gas producer.
Occidental is planning on issuing debt worth some $5 billion to fund its acquisition of CrownRock. According to a Bloomberg report, the issue will be investment-grade and could be announced later today, unnamed sources told the publication. The issue could comprise tranches with maturities ranging from three to 30 years. Occidental announced the deal to acquire Permian-focused CrownRock in December last year.
The acquisition will boost Occidental’s premier Permian portfolio with the addition of around 170,000 barrels of oil equivalent per day boed of high-margin, lower-decline unconventional production in 2024, as well as approximately 1,700 undeveloped locations. It’s also expected to deliver increased free cash flow on a diluted share basis, including $1 billion in the first year based on $70 per barrel West Texas Intermediate price.
Crownrock Permian Basin Acquisition Bond Issuance Debt Financing Free Cash Flow Shale Oil Unconventional Production
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