Occidental Petroleum Corp. agreed to acquire Texas shale driller CrownRock LP in a cash-and-stock deal valued at about $10.2 billion as consolidation heats up in North America’s most-prolific oil basin.
The $10 billion of debt lined up for Occidental Petroleum Corp.’s takeover of Texas shale driller CrownRock LP is sizing up to be one of the largest bridge financing deals of the year and a crucial test for the energy giant.