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: Occidental Petroleum in talks to buy CrownRock for more than $10 billion: report

0

Occidental Petroleum Corp.
OXY,
+0.45%

is in negotiations to buy Texas energy producer CrownRock in a deal that could be valued at more than $10 billion, the Wall Street Journal reported late Wednesday.

If all goes well, the deal could come together soon, according to the Journal.

Midland, Texas-based CrownRock is a major developer of Permian Basin oilfields, and it one of the last remaining big private companies in the region, according to the Journal.

Warren Buffett’s Berkshire Hathaway
BRK.A,
-0.54%

BRK.B,
-0.38%

owns a roughly 25% stake in Occidental.

In October, ExxonMobil Corp.
XOM,
-1.50%

said it would buy Permian shale driller Pioneer Natural Resources Co.
PXD,
-1.30%

in an all-stock deal valued at $59.5 billion.

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