Occidental to Close CrownRock Next Month as FTC Period Expires

By Kevin Crowley

July 18, 2024 at 4:31PM EDT

THE WOODLANDS, TEXAS - DECEMBER 11: The Occidental Petroleum Headquarters is seen on December 11, 2023 in The Woodlands, Texas. Occidental Petroleum has announced a $10.8 billion agreement to buy the West Texas energy producer, Crown Rock. Occidental claims that the acquiring of Crown Rock will add approximately 170,000 barrels of oil equivalent a day to production in 2024. (Photo by Brandon Bell/Getty Images) Photographer: Brandon Bell/Reuters (Brandon Bell/Photographer: Brandon Bell/Reute)

(Bloomberg) -- Occidental Petroleum Corp. expects to close its $10.8 billion purchase of CrownRock LP next month as the period for the Federal Trade Commission to block the deal expired.

The deal will close after financing is complete, Houston-based Occidental said in a statement.

“We look forward to closing our transaction with CrownRock in August and welcoming their high-performing team into our organization,” Chief Executive Officer Vicki Hollub said in the statement.