U.S. Regulator Seeks More Data on Occidental-CrownRock Deal
(Reuters) — The U.S. Federal Trade Commission (FTC) has asked for more information on Occidental Petroleum's $12 billion deal for Permian-based producer CrownRock, the firms said on Monday, making it the latest big oil merger to face increased scrutiny.
Exxon Mobil's $60 billion proposed deal for Pioneer Natural Resources and Chevron's $53 billion agreement for Hess had also attracted FTC requests for additional information, as a wave of consolidation sweeps the sector.
Occidental and CrownRock said they received the FTC request on Jan. 19, and will continue to work constructively with the regulator.
The proposed acquisition would boost Occidental's oil and gas production in the top U.S. shale field by 170,000 barrels of oil and gas per day to 750,000 barrels.
Occidental has said it will finance the purchase with $9.1 billion of new debt, the assumption of CrownRock's $1.2 billion of existing debt and by issuing $1.7 billion in common stock to CrownRock owners.
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