CDT Roundup: 13 Deals, 13 Firms, 280 Lawyers, $16.4B

In the biggest deal of the week, Occidental Petroleum, more commonly known as Oxy, announced the purchase of Permian private operator CrownRock for $12 billion. With this transaction, Oxy joins the recent wave of M&A in the oil and gas sector by dipping its toe back into the acquisition waters for the first time since buying Anadarko Petroleum in 2018 for $57 billion.

The purchase appears to be accretive to both free cash flow and top-tier drilling inventory, which makes a difference over time, so writes Ryan Todd, an analyst with Piper Sandler in New York (who cut his teeth in the oil business as a project engineer at ExxonMobil).