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Texas Tycoon Trades Oil for Billions
Barrel Hub
December 12, 2023
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Lone Star Stories
West Texas billionaire Tim Dunn sold his oil company CrownRock to Occidental Petroleum for about $12 billion, highlighting consolidation in the Permian Basin. Dunn, a major GOP donor and influential in Texas politics, is known for funding conservative causes and candidates, shaping the state's far-right political landscape.
Mergers and acquisitions in the Permian Basin hit a record $100 billion in 2023, led by Exxon Mobil's $60 billion Pioneer Natural Resources purchase and Chevron's $53 billion Hess deal. Occidental Petroleum's acquisition of CrownRock for $12 billion further highlights the Permian Basin's allure, placing Occidental among the top three basin producers.
Reader Question of the Day
How are oil companies engaging with local communities to ensure social license to operate?
Oil companies are engaging with local communities to gain their support and trust, essential for smooth operations. They're opening up dialogues, listening to concerns, and involving locals in decision-making processes. It's about creating a two-way conversation, ensuring community voices are heard and considered in their plans.
Additionally, these companies are investing in local development, like improving education and healthcare. This approach shows their commitment to the community's well-being, not just their business interests. By contributing positively to local areas, they aim to build a strong, mutually beneficial relationship with the residents.
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