CrownRock Hopes to Generate $1.7 Billion by Selling Occidental Petroleum Shares

Shale driller CrownRock is selling a stake in Occidental Petroleum it hopes to generate some $1.7 billion, Bloomberg has reported, citing unnamed sources. Per the report, the Permian oil producer is putting 29.6 million Oxy shares on sale, pricing the stock at a discount to Occidental’s closing price on Monday, which stood at $58.98 per share. Occidental announced it had struck a deal to buy CrownRock in December last year. The value of the deal stood at $12 billion, including debt. The acquisition boosted Occidental’s premier Permian…