Occidental to Buy CrownRock in Nearly $11 Billion Deal as Oil Patch Consolidates

Occidental Petroleum announced a $10.8 billion agreement to buy West Texas producer CrownRock as the independent oil company seeks to keep pace with rapid consolidation in the industry.

As part of the cash and stock deal, Occidental said Monday that it would incur $9.1 billion of new debt, issue about $1.7 billion of common equity and take on CrownRock’s $1.2 billion existing debt.