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Ecopetrol (EC) said Friday it is in talks with Occidental Petroleum (NYSE:OXY) to potentially buy a stake in CrownRock, which Occidental agreed to buy in December in a $12B cash and stock deal.
Ecopetrol (EC) did not include additional details and added that a final decision on the size of the stake and the amount it could pay were subject to analysis.
Occidental (OXY) previously affirmed plans to sell $4.5B-$6B of assets within 18 months of closing the CrownRock purchase, with the proceeds helping to reduce the company’s principal debt to $15B or less.
Occidental (OXY) expects to close the CrownRock purchase next month.