Occidental Petroleum to buy energy producer CrownRock in $12bn deal

Purchase is latest in series of big takeovers in oil and gas industry and will give Occidental more than 94,000 net acres in Texas

Occidental Petroleum said on Monday it would buy energy producer CrownRock in a cash-and-stock deal valued at $12bn, to boost its acreage in the oil-rich Permian basin.

The CrownRock deal will give Occidental more than 94,000 net acres in the Midland basin in Texas – part of the Permian, the largest US oil-producing area.