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Ecopetrol in talks with Occidental over CrownRock stake
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Colombian state-run oil company Ecopetrol is in talks with Occidental Petroleum over the potential acquisition of a minority stake in shale oil producer CrownRock, the companies said on Friday.
In a securities filing, Occidental said the deal could potentially be worth US$3.6 billion, subject to purchase price adjustments.
"Occidental and Ecopetrol are engaged in discussions regarding a structure for Ecopetrol's potential acquisition of an undivided 30% interest in the CrownRock assets," the filing said.
It added that if an agreement for the 30% interest in CrownRock was not reached, Ecopetrol could acquire an indirect 49% stake through its Rodeo joint venture with Occidental.
In a separate statement, Ecopetrol confirmed the discussions but said terms of an eventual transaction were still under "analysis."
"The signing of definitive agreements, eventual financing and other procedures leading to finalizing the transaction would be subject to statutory and regulatory approvals," it said.
Occidental reached an agreement to acquire CrownRock last December in a US$12bn cash-and-stock deal, which included debt. The company has since announced plans to sell between US$4.5bn and US$6bn of assets.
Ecopetrol and Occidental signed a joint venture agreement to develop the Rodeo Midland basin project in Texas, part of the shale-rich Permian basin, in November 2019.
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