Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 37

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 37
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 fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

NOTE 5 - ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS CROWNROCK ACQUISITIONIn December 2023, Occidental entered into an agreement to purchase CrownRock for total consideration of $12.4 billion, consisting of $9.4 billion of cash consideration (inclusive of certain working capital and other customary purchase price adjustments), 29.6 million shares of common stock of Occidental, and the assumption of $1.2 billion of existing debt of CrownRock. The acquisition closed August 1, 2024, adding to Occidental's oil and gas portfolio in the Permian Basin.In connection with the CrownRock Acquisition, Occidental issued $5.0 billion of senior notes, a $2.0 billion 364-day term loan and a $2.7 billion two-year term loan.The CrownRock Acquisition qualified as a business combination and was accounted for using the acquisition method of 

82 OXY 2024 FORM 10-K

table of contentsFINANCIAL STATEMENTSFOOTNOTES

accounting. The following table summarizes the cash and common stock components of the purchase price:in millions of dollars and shares (except per-share price)TotalCash portion of purchase price$9,100 Closing AdjustmentsNet Working Capital and Other Purchase Price Adjustments 254 Pre-closing dividends declared by Occidental13Total Cash Purchase Price$9,367Total shares of Occidental common stock issued29.6 Occidental common stock share price$59.38 Stock portion of purchase price$1,755 Total purchase price$11,122The following table sets forth the preliminary allocation of the acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of PP&E. Occidental will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.in millionsAugust 1, 2024Fair value of assets acquired:Cash and cash equivalents$589 Trade receivables, net198 Other current assets39 Property, plant and equipment, oil and gas11,818 Amount attributable to assets acquired$12,644Fair value of liabilities acquired:Current maturities of long-term debt$868