Colombia’s state-owned oil firm Ecopetrol said it is in talks with Occidental Petroleum about jointly acquiring US shale oil producer CrownRock.
Ecopetrol is in negotiations with Occidental about buying a stake in CrownRock but has not signed definitive agreements or eventual financing, it said Thursday in a securities filing. The company added it will keep the market informed once negotiations are complete.
Occidental said in December it entered into a purchase agreement to acquire CrownRock in a cash-and-stock deal worth about $12 billion, including $1.2 billion in debt. The acquisition is part of the company’s efforts to expand its presence in Midland Basin, the largest oilfield in the US.
Occidental CEO Vicki Hollub told analysts in May that the firm hopes to close the deal before its second-quarter earnings call, which typically falls in early August, according to a Reuters report.