Ecopetrol Declines Minority Stake in Occidental's Texas Acquisition

Occidental Petroleum and Ecopetrol's Oil Deal Developments

August 4, 2023

- Reuters - Occidental Petroleum (OXYN) announced on Thursday that Colombia's state-owned oil company, Ecopetrol (EC), has decided against purchasing a minority stake in Occidental's recent acquisition of Texas-based CrownRock.

Last year, Occidental inked a $12 billion deal to acquire CrownRock, a closely-held company. Ecopetrol's decision not to partake in the investment follows Occidental's disclosure earlier this week that Ecopetrol had expressed interest in a minority stake.

Negotiations between Occidental and Ecopetrol are ongoing, and the Colombian company could potentially acquire an even larger stake if discussions progress favorably.