M&A RESEARCH - DEAL ALERT

OXY WINS CROWNROCK

December 12, 2023. 14-Page Report.

Supplement to Midland Basin Perspectives

Pays $12 B Driven By Cash Flow Accretion

Funds Mainly with Debt without Buffett

2nd Largest Midland Basin Deal on Record

Behind XOM's $64.5B PXD buy a month ago

170,000 boepd (2024E), 94,000 net acres

Adds to OXY's Efforts in Permian's Barnett

Plans $4.5 - $6.0 B in U.S. Asset Sales

Permian Consolidation Continuing

Next Up Might Be Endeavor in Midland

Mewbourne Also a Prized Target in Delaware

DOWNLOAD THE 14 PAGE REPORT

STUDY 7005MA