M&A Deal Summary

Occidental Petroleum Acquires Carbon Engineering

On August 15, 2023, Occidental Petroleum acquired environmental company Carbon Engineering for 1.1B USD

Acquisition Highlights
  • This is Occidental Petroleum’s 1st transaction in the Environmental sector.
  • This is Occidental Petroleum’s 5th largest (disclosed) transaction.
  • This is Occidental Petroleum’s 1st transaction in Canada.
  • This is Occidental Petroleum’s 1st transaction in British Columbia.

M&A Deal Summary
Date 2023-08-15
Target Carbon Engineering
Sector Environmental
Buyer(s) Occidental Petroleum
Deal Type Add-on Acquisition
Deal Value 1.1B USD

Target

Carbon Engineering

Vancouver, British Columbia, Canada
Carbon Engineering (CE) is a climate solutions company that is focused on the global deployment of large-scale Direct Air Capture (DAC) technology that captures carbon dioxide out of the atmosphere so it can be permanently stored deep underground or used to produce clean, affordable transportation fuels. With its partners, CE is working to deploy large-scale, commercial DAC facilities in multiple markets around the globe. Carbon Engineering is based in Vancouver, British Columbia.

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Buyer(S) 1

Buyer

Occidental Petroleum

Houston, Texas, United States
Category Company
Founded 1920
Sector Oil/Gas Exploration
Employees11,800
Revenue 28.3B USD (2023)
DESCRIPTION

Occidental Petroleum is an oil and gas exploration and production company. Occidental is an industry provider in applying advanced technology to boost production and access hard-to-recover reserves. Occidental Petroleum was founded in 1920 and is based in Houston, Texas.

DEAL STATS #
Overall 8 of 9
Sector (Environmental) 1 of 1
Type (Add-on Acquisition) 5 of 6
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2023) 1 of 2
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-05 Anadarko Petroleum - Africa Assets

South Africa

Anadarko Petroleum Corp. - Africa Assets are Algeria: 24.5% participating interest and operatorship of blocks 404a and 208 (Hassi Berkine, Ourhoud, and El Merk fields) in the Berkine basin in which Total already owns 12.25%. These fields represented a gross production of 320 kboe/d in 2018. Ghana: 27% participating interest in the Jubilee field and 19% participating interest in the TEN fields. These fields represented a gross production of 143 kb/d in 2018. Mozambique: 26.5% participating interest and operatorship in Area 1 where a 12.8 million tonne per year LNG project is largely derisked and close to sanction. Area 1 contains more than 60 Tcf of gas resources, of which 18 Tcf will be developed with the first two train project which is expected to come into production by 2024. South Africa: exploration licences, close to Total’s recent Brulpadda discovery.

Sell $8.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-11 CrownRock

Midland, Texas, United States

CrownRock is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. CrownRock operations are primarily focused on the development of its core Permian Basin assets. CrownRock was founded in 2007 and is based in Midland, Texas.

Buy $12.0B
Mergr

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