Oxy Petroleum says CrownRock Holdings launches sale of 29.6M shares

Occidental Petroleum (NYSE:OXY) -0.8% post-market Monday after announcing that CrownRock Holdings is launching a secondary public offering of more than 29.56M shares of its common stock.

Occidental (OXY), which closed on its $10.8B purchase of CrownRock earlier this month, said it is not offering any of its own common shares in the offering.

CrownRock is seeking to raise as much as $1.7B from the Occidental (OXY) stake sale, which would represent a discount of as much as 1.2% to Monday’s $58.98 closing price, Bloomberg reports.

Last December, Occidental (OXY) announced its deal to acquire CrownRock and its significant Permian Basin assets in a cash and stock deal valued at ~$12B.