BofA notes Occidental Petroleum emerged as the winner in a competitive process for CrownRock, calling the strategic fit “solid,” but adding that at Occidental’s base case of flat $70 WTI the firm sees management “paying a full valuation.” The firm, which says the deal “does not materially change an investment case anchored on capacity to transfer value from debt to equity,” keeps its Occidental rating and price target unchanged at Buy and $82, respectively.
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