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"Occidental Petroleum has emerged as the lead contender to buy CrownRock, one of the most sought-after private oil producers in the US shale patch, in a deal valued at about $12.5bn, according to people familiar with the matter.
The offer for CrownRock by Occidental — which is backed by Warren Buffett’s Berkshire Hathaway — has topped those of rival bidders, the people said, indicating that the company is likely to have entered exclusive talks.
The people with direct knowledge of the negotiation said a deal could be reached soon but cautioned that it could still fall apart as no final decision had been made.
If closed, a deal would be a significant coup for Occidental, one of America’s biggest oil producers, and would mark the third significant transaction in the sector in less than two months as large operators vie to snap up dwindling prime drilling acreage."
Financial Times: Content Cf7afba1 bc5b 4751 a8b6 535b55a5d25c
