Ecopetrol is in negotiations to acquire Crown Rock shares from Occidental Petroleum

Ecopetrol (EC) announced on Friday that it is in discussions with Occidental Petroleum (NYSE: OXY) about the possibility of buying shares in Crown Rock, which Occidental agreed to acquire in December in a $12 billion cash and stock deal.

Ecopetrol (EC) did not include additional details and added that the final decision on the size of the shares and the amount that can be paid depends on analysis.

Occidental (OXY) previously revealed plans to sell assets of 4.5 billion to 6 billion dollars within one and a half years after the completion of the Crown Lock acquisition, and use the funds to reduce the company's principal debt to 15 billion dollars or less.

Occidental (OXY) plans to complete the Crown Lock acquisition next month as well.