Feb 22, 2024, 3:59 PM EDT
The combined company would be the third-largest oil and gas producer in the region behind Exxon and Chevron, with both firms having announced recent deals.
Chevron CEO Michael Wirth said he is surprised U.S. crude oil is trading under $73 a barrel and that Houthi attacks in the Red Sea pose a "very real" risk to oil prices.
Houston-based Occidental Petroleum said it will purchase CrownRock in a $12 billion deal. It expects the transaction to close in the first quarter of 2024.
The Federal Trade Commission is investigating ExxonMobil's planned acquisition of Pioneer Natural Resources over potential violations of federal antitrust law.
U.S. investors at leading energy firms rejected a climate activist group's push to align emission targets with the Paris climate pact despite the group's success in Europe.
The Biden administration suddenly announced it would postpone a major oil and gas lease sale that it previously tried to cancel, but which the Inflation Reduction Act mandates.
Senate Majority Leader Chuck Schumer and 22 Democratic senators sent a letter to the FTC calling for an antitrust probe of acquisitions by ExxonMobil and Chevron.
Chevron's $53 billion acquisition of Hess Corp. will include one of America's best-selling toys, the company clarified.
Chevron Corporation is acquiring rival Hess Corporation in a $53-billion all-stock transaction that it says will upgrade and diversify its portfolio.
Northrop Grumman, Lockheed Martin and other defense stocks rose on speculation the attack on Israel by Hamas terrorists that left thousands dead will boost demand for weapons.