Occidental to Buy CrownRock for $12 Billion as Oil Patch Consolidates

Occidental Petroleum announced a $12 billion agreement Monday 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 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.