Occidental will need to issue about $9 billion in debt to finance the deal, a risk highlighted by Wall Street analysts on Monday.
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Warren Buffett-backed Occidental Petroleum announced Monday it agreed to purchase privately held Permian Basin oil producer, CrownRock. The deal, valued at around $12 billion, would be the company's first major acquisition since 2019. Occidental Petroleum's bid for CrownRock comes as energy companies look to increase their share of the consolidating Permian Basin pie.