Occidental Petroleum (OXY) to buy pure-play Permian producer CrownRock for $12 billion.
CrownQuest is the parent company of CrownRock. The pure-play Permian operator continued to ramp up production, reaching an average rate of 154 thousand barrels of oil equivalent per day (MBOE/D) in 2022. This was accomplished via a steady drilling and completions program, with 160 wells completed in 2022 and over 650 wells over the past five years. The average production per active well at YE 2022 came in at >100 BOE/D, nearly double the industry average.
CrownQuest attained a 2022 upstream GHG IQ score of 128 points, surpassing the industry average of 100 points. This achievement was driven by a methane emissions intensity significantly below industry standards. While the overall carbon emissions intensity aligned with the industry, the Company made commendable strides in reducing gas flaring. However, gas flaring levels, despite improvements, remained notably higher than the industry average of 0.58%.
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