Occidental says CrownRock deal delayed by FTC requests of 'everything' (updated)
15/02/2024 20:08
(New throughout, adds details on FTC information requests and
comments from Occidental CEO)
By Sabrina Valle
HOUSTON, Feb 15 (Reuters) - Occidental Petroleum OXY.N
on Thursday said a U.S. regulator's second request for
information on the acquisition of shale producer CrownRock has
pushed back the deal's closing date to second half this year.
The delay in Federal Trade Commission (FTC) approval of the
$12 billion acquisition will make the Houston-based oil company
postpone planned sales of $4.5-6 billion in assets, Chief
Executive Vicki Hollub said. It will also postpone any potential
changes in the company's buyback program, she said.
"Some of our teams felt like they'd (FTC) asked for
everything," Hollub told analysts during a call to discuss the
company's 2023 financial results.
"We are progressing and hope to be able to close in the
second half of this year," she said.
The FTC also asked U.S. oil company Exxon Mobil Corp
XOM.N for more information on its proposed acquisition of
Pioneer Natural Resources, and Chevron Corp CVX.N received
requests for information on its deal to acquire Hess Corp.
(Reporting by Sabrina Valle
Editing by Chris Reese and David Gregorio)
((sabrina.valle@tr.com; Twitter: @sabrinavalle;))