Occidental Announces Expiration of Hart-Scott-Rodino Waiting Period for its Acquisition of CrownRock
July 18 2024 - 4:15PM
Occidental (NYSE: OXY) today announced that the waiting period
for its acquisition of CrownRock, L.P. (CrownRock, and such
transaction, the CrownRock acquisition) under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 has expired.
With the expiration of the waiting period, the conditions to
closing have been satisfied, other than those that are to be
satisfied at closing. The CrownRock acquisition is expected to
close in August, after completion of the financing marketing period
contemplated by the CrownRock purchase agreement.
“We look forward to closing our transaction with CrownRock in
August and welcoming their high-performing team into our
organization,” President and Chief Executive Officer Vicki Hollub
said. “We are progressing with the divestiture program that we
believe will ultimately high-grade our portfolio and optimize
returns for our shareholders.”
About Occidental
Occidental is an international energy company with assets
primarily in the United States, the Middle East and North Africa.
We are one of the largest oil and gas producers in the U.S.,
including a leading producer in the Permian and DJ basins, and
offshore Gulf of Mexico. Our midstream and marketing segment
provides flow assurance and maximizes the value of our oil and gas.
Our chemical subsidiary OxyChem manufactures the building blocks
for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary
is advancing leading-edge technologies and business solutions that
economically grow our business while reducing emissions. We are
committed to using our global leadership in carbon management to
advance a lower-carbon world. Visit oxy.com for more
information.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to statements about Occidental’s expectations, beliefs, plans or
forecasts. All statements other than statements of historical fact
are “forward-looking statements” for purposes of federal and state
securities laws, including, but not limited to: any projections of
revenue or other financial items or future financial position or
sources of financing; any statements of the plans, strategies and
objectives of management for future operations or business
strategy; any statements regarding future economic conditions or
performance; any statements of belief; and any statements of
assumptions underlying any of the foregoing. Words such as
“estimate,” “project,” “will,” “should,” “could,” “may,”
“anticipate,” “plan,” “expect,” "commit," "advance," or similar
expressions that convey the prospective nature of events or
outcomes are generally indicative of forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release
unless an earlier date is specified. Unless legally required,
Occidental does not undertake any obligation to update, modify or
withdraw any forward-looking statements as a result of new
information, future events or otherwise.
Forward-looking statements involve estimates, expectations,
projections, goals, forecasts, assumptions, risks and
uncertainties. Actual outcomes or results may differ from
anticipated results, sometimes materially. Factors that could cause
actual results to differ include, but are not limited to: the
ultimate outcome of the CrownRock acquisition by Occidental;
Occidental’s ability to consummate the CrownRock acquisition; the
conditions to the completion of the CrownRock acquisition;
Occidental’s ability to finance the CrownRock acquisition;
Occidental’s indebtedness, including the indebtedness Occidental
expects to incur and/or assume in connection with the CrownRock
acquisition and the need to generate sufficient cash flows to
service and repay such debt; Occidental’s ability to meet
expectations regarding the timing, completion and accounting and
tax treatments of the transactions contemplated by the definitive
agreement with CrownRock; the possibility that Occidental may be
unable to achieve expected free cash flow accretion and other
anticipated benefits within the expected time-frames or at all and
to successfully integrate CrownRock’s operations with those of
Occidental; that such integration may be more difficult,
time-consuming or costly than expected; that operating costs,
customer loss and business disruption (including, without
limitation, difficulties in maintaining relationships with
employees, customers or suppliers) may be greater than expected
following the CrownRock acquisition or public announcements
regarding the CrownRock acquisition; the retention of certain key
employees of CrownRock; potential litigation relating to the
CrownRock acquisition that could be instituted against Occidental
or its directors; rating agency actions and Occidental’s ability to
access short- and long-term debt markets on a timely and affordable
basis; Occidental’s ability to complete its contemplated
divestiture program within the expected time-frames or at all; and
general economic conditions that are less favorable than
expected.
Additional information concerning these and other factors that
may cause Occidental’s results of operations and financial position
to differ from expectations can be found in Occidental’s filings
with the SEC, including Occidental’s 2023 Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K.
Contacts
Media |
|
Investors |
Eric
Moses713-497-2017eric_moses@oxy.com |
|
R. Jordan
Tanner713-552-8811investors@oxy.com |
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