![CrownRock Offloads Oxy Shares Two Weeks After Closing $12B Deal](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/08/crownrock-offloads-oxy-shares-two-weeks-after-closing-12b-deal.jpg?itok=tnR8qAbj)
Occidental’s last reported share price on Aug. 12 was $58.98, which at the time would have made the shares’ gross value about $1.74 billion. (Source: Shutterstock)
Fresh off a $12 billion cash-and-stock deal with Occidental Petroleum, CrownRock LP owners are wasting little time in taking their shares to the market.
Occidental reported that about 29.56 million shares of its common stock were offered for sale and that the offering closed on Aug. 14. The shares being sold are held directly by CrownRock Holdings LP and Midland, Texas-based general partner CrownRock Holdings GP LLC.
Jonathan Farber, J. McLane, Timothy M. Dunn and Robert W. Floyd are the directors of CrownRock Holdings GP.
The underwriters of the offer – J.P. Morgan, Morgan Stanley and RBC Capital Markets— expect to deliver the shares to purchasers on or about Aug. 14, according to a Securities and Exchange Commission report filed the same day.
The underwriters have agreed to purchase the shares of common stock from the selling stockholder at a price of $58.15 per share, which will result in approximately $1.719 billion of proceeds to the Selling Stockholder before expenses.
The shares represent about 3.26% of Occidental’s 905.61 million outstanding shares, as of July 31.
Occidental’s last reported share price on Aug. 12 was $58.98, which at the time would have made the shares’ gross value about $1.74 billion.
Occidental will not receive any of the proceeds from the sale.
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