Summary
Occidental Petroleum Corporation (OXY) has officially completed its acquisition of CrownRock for approximately $12.4 billion. The transaction was finalized on August 1, 2024, and involved a cash component of roughly $9.4 billion, the issuance of 29,560,619 shares of OXY common stock, and the assumption of $1.2 billion in CrownRock's existing debt. This marks a significant strategic move for Occidental, expanding its asset base and market presence. In conjunction with the acquisition, OXY entered into a Registration Rights Agreement with the sellers of CrownRock. This agreement mandates OXY to file a resale shelf registration statement on Form S-3 with the SEC within five business days, registering the shares of common stock issued as part of the acquisition. This aims to provide liquidity for the sellers and ensures these shares can be resold in the public market. The filing also includes a press release announcing the completion of the transaction.
Key Highlights
- 1Occidental Petroleum has successfully completed the acquisition of CrownRock for approximately $12.4 billion.
- 2The transaction closed on August 1, 2024.
- 3Consideration included $9.4 billion in cash, $1.2 billion in assumed debt, and 29,560,619 shares of Occidental's common stock.
- 4A Registration Rights Agreement was executed, requiring OXY to file a resale shelf registration statement for the issued shares within five business days.
- 5The issued shares were registered under Section 4(a)(2) of the Securities Act of 1933, exempting them from public offering registration.
- 6The filing incorporates previously filed financial statements and pro forma information related to CrownRock from an earlier 8-K dated July 19, 2024.