This record is sourced from an Exhibit 99.1 press release furnished with Occidental's Form 8-K filed December 12, 2023 (dated December 11, 2023). At announcement, the deal was a signed purchase agreement pending customary closing conditions and regulatory approvals, with closing expected in the first quarter of 2024.
On the target side, Goldman Sachs & Co. LLC and TPH&Co, the energy business of Perella Weinberg Partners, served as CrownRock's joint-lead financial advisors, per the release's statement "CrownRock's joint-lead financial advisors are Goldman Sachs & Co. LLC and TPH&Co, the energy business of Perella Weinberg Partners." The word "joint-lead" explicitly designates both firms as lead advisors to CrownRock. On the acquirer side, BofA Securities served as Occidental's financial advisor, with an affiliate also providing committed financing, per "Occidental's financial advisor is BofA Securities and an affiliate thereof is providing committed financing."
On the legal side, Latham & Watkins LLP represented Occidental and Vinson & Elkins LLP represented CrownRock.
Occidental intended to finance the purchase with $9.1 billion of new debt, approximately $1.7 billion of newly issued common equity, and assumption of CrownRock's existing $1.2 billion of debt; the company also announced a 22% increase to its quarterly dividend to $0.22 per share and a planned $4.5-$6.0 billion divestiture program to reduce debt by at least $4.5 billion within 12 months of closing.
Not disclosed in the sourced document is the precise split between the cash and stock components paid directly to CrownRock equity holders (only the overall financing plan is described), or any EBITDA multiple implied by the $12.0 billion headline value.