Occidental Petroleum expects the closing of its $12-billion deal to buy CrownRock to be delayed to the second half of 2024 as the Federal Trade Commission FTC has asked for additional information
while it reviews the proposed transaction. At the end of last year, Oxy said it would buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12 billion, including debt, with which it joined the wave of recent mergers and acquisitions in the U.S. oil industry.
However, the FTC sent last month requests to both companies asking them for additional information related to the acquisition, Occidental’s top executives said on the earnings call on Thursday. “The FTC's request for additional information will impact the timing of closing, which we expect to occur in the second half of the year,” Oxy’s Senior Vice President and CFO, Sunil Mathew, told analysts.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Texas Was Warned of $12 Billion Cost of Grid Reliability PolicyOfficials in Texas were repeatedly warned that the new Electric Reliability Council of Texas ERCOT rules about backup power capacity from last summer would be expensive and could drive up electricity prices
Read more »
Labour Has Slashed Its Green Spending Pledge By More Than £100 BillionKevin Schofield is Politics Editor of HuffPost UK.
Read more »
Keir Starmer Condemned Over Labour's U-Turn On £28 Billion Green Energy PlanKevin Schofield is Politics Editor of HuffPost UK.
Read more »
Labour U-turn: Keir Starmer ditches £28 billion green policyThis week Labour leader Sir Keir Starmer denied he was scaling back the £28bn a year pledge he said was desperately needed, not least to get the economy growing again.
Read more »
Italy to Invest $12.5 Billion in Energy Transition and Hydrocarbon InfrastructureItaly is increasing investments in energy transition and conventional hydrocarbon infrastructure, with the Italian grid operator SNAM planning to invest $12.5 billion in its energy transition business by 2027. The investment will focus on improving the flexibility of the energy system, with funds allocated for transport, LNG infrastructure, and storage.
Read more »
Kushner Defends $2B Investment By Saudis, Says Won't Join A Trump AdministrationJared Kushner, Donald Trump's son-in-law and former advisor, has defended a $2-billion investment from Saudi Arabia's sovereign wealth fund
Read more »