Occidental Petroleum Corporation (NYSE:OXY) shares are trading lower on the heels of a buyout of oil and gas producer CrownRock, L.P.
The company opened Friday at $58.55 a share, down 1.40%.
In December, the company inked a deal to acquire CrownRock for cash and stock in a transaction valued at about $12 billion, including assumption of debt.
"By completing this transaction, Occidental adds assets that we believe make the best portfolio in our company's history even stronger and more differentiated," CEO Vicki Hollub said.
"We also welcome new team members who will combine with ours to form a high-performing employee base that is focused on safely and efficiently developing low-emission, low-cost energy,"
The acquisition is expected to enhance the company's Permian portfolio by adding about 170 thousand barrels of oil equivalent per day (Mboed) of high-margin, lower-decline unconventional production in 2024.
The deal is expected to deliver increased free cash flow on a diluted share basis, including $1 billion in the first year based on $70 per barrel WTI.
The company also said it will increase the quarterly common stock dividend per share by 4 cents to 22 cents, beginning with the February 2024 declaration.
Also, Occidental disclosed that Colombia's Ecopetrol (NYSE:EC) will not purchase a stake in shale oil producer CrownRock, despite prior discussions about a potential deal, reported Reuters.
Last month, the company disclosed the sale of certain Delaware Basin assets in Texas and New Mexico to Permian Resources Corp (NYSE:PR) for about $818 million.
ETF Watch: Investors can gain exposure to the OXY stock via Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:OILT) and First Trust Nasdaq Oil & Gas ETF (NASDAQ:FTXN).
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Occidental Petroleum Corporation(纽交所:OXY)股票在石油和天然气生产商CrownRock,L.P.被收购消息的冲击下下跌。
该公司周五开盘价为每股58.55美元,下跌1.40%。
去年12月份,该公司签署了一项协议,以现金和股票收购CrownRock,交易价值约120亿美元,包括债务承担。
“通过完成此交易,Occidental增加了我们认为是公司历史上最好的投资组合的资产,使其更加强大和具有差异化, ”首席执行官Vicki Hollub说。
“我们还欢迎新的团队成员,他们将与我们的团队合作构建一个专注于安全高效地开发低排放、低成本能源的高绩效员工基础。”
此收购预计将增强该公司Permian组合,到2024年增加约17万桶/日(Mboed)的高毛利率、较低衰减非常规产量。
预计该交易将增加摊薄股份的自由现金流,包括第一年基于每桶70美元WTI的10亿美元。
该公司还表示,每股普通股股息将增加4美分至22美分,从2024年2月份开始宣布。
此外,Occidental披露,哥伦比亚的Ecopetrol(纽交所:EC)将不会购买页岩油生产商CrownRock的股份,尽管此前曾就潜在交易进行讨论,据路透社报道。
上个月,该公司披露将向Permian Resources Corp(纽交所:PR)出售德拉华盆地特定资产,交易价值约8180万美元。
ETF观察:投资者可以通过Texas Capital Funds Trust Texas Capital Texas Oil Index ETF(纽交所:OILT)和First Trust Nasdaq Oil & Gas ETF(纳斯达克:FTXN)获取OXY股票的曝光。
免责声明:本内容部分使用人工智能工具生成,并经Benzinga编辑审核发布。