- Occidental to pay above $50,000 an acre to CrownRock: Enverus
- Closely held Endeavor could be next Permian takeover target
Drilling rights in the US Permian Basin are commanding prices not seen since the worldwide pandemic crushed oil markets more than four years ago.
Occidental Petroleum Corp.’s $10.8 billion takeover of CrownRock LP equates to more $50,000 per acre for rights to drill some of the richest oil deposits in the hemisphere, according to data-analysis and research firm Enverus Inc. That’s approaching the $60,000 threshold Occidental reached in its blockbuster 2019 deal for Anadarko Petroleum Corp., the biggest deal of Chief Executive Officer Vicki Hollub’s tenure
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