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Occidental Petroleum Completes Acquisition of CrownRock

Story Highlights
  • Occidental Petroleum completed the acquisition of CrownRock for $12.4 billion on August 1, 2024.
  • The acquisition aims to enhance Occidental’s operations but does not include potential cost savings or synergies.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Occidental Petroleum Completes Acquisition of CrownRock

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Occidental Petroleum ( (OXY) ) has provided an update.

On August 1, 2024, Occidental Petroleum Corporation completed the acquisition of CrownRock, L.P. for approximately $12.4 billion. This strategic move, involving cash, stock, and debt assumption, aims to enhance Occidental’s operational capabilities and market presence. The pro forma financial statements, prepared to illustrate the impact of the acquisition, show adjustments to Occidental’s historical financial data, reflecting the expected ongoing influence on the company’s results. However, these statements do not account for potential cost savings or synergies from the integration.

The most recent analyst rating on (OXY) stock is a Hold with a $54.00 price target. To see the full list of analyst forecasts on Occidental Petroleum stock, see the OXY Stock Forecast page.

Spark’s Take on OXY Stock

According to Spark, TipRanks’ AI Analyst, OXY is a Outperform.

Occidental Petroleum’s robust operational performance and cash flow generation are key strengths, supported by strategic initiatives and cost management. While technical indicators show positive momentum, valuation remains fair. The earnings call provided a positive outlook, contributing to a solid overall stock score.

To see Spark’s full report on OXY stock, click here.

More about Occidental Petroleum

Occidental Petroleum Corporation operates in the oil and gas industry, focusing on the exploration and production of crude oil and natural gas. The company also engages in chemical manufacturing and midstream operations, positioning itself as a key player in the energy sector.

Average Trading Volume: 11,691,624

Technical Sentiment Signal: Sell

Current Market Cap: $44B

Learn more about OXY stock on TipRanks’ Stock Analysis page.

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