(Bloomberg) -- Occidental Petroleum Corp. plans to finance its biggest takeover in more than four years without the assistance of top shareholder Warren Buffett.
In a turnabout from the blockbuster acquisition of Anadarko Petroleum Corp. in 2019, Occidental Chief Executive Officer Vicki Hollub said the $10.8 billion purchase of CrownRock LP was arranged without any funding guarantees from the billionaire chairman of Berkshire Hathaway Inc. Buffett’s intervention was crucial to Hollub’s effort to Chevron Corp. in the pursuit of Anadarko.
“Berkshire and Warren Buffett were helpful with the Anadarko acquisition,” Hollub said during an interview with CNBC on Monday, just hours after the CrownRock deal was announced. “We wouldn’t be in the position we are had it not been for Berkshire and Warren Buffett. We didn’t need help with this deal.”
Read More: Occidental to Buy Oil Driller CrownRock for $10.8 Billion
Occidental will fund a large chunk of the CrownRock purchase with debt, which will be partly repaid via proceeds from asset sales. The Houston-based acquirer also plans to issue about $1.7 billion in new shares. Occidental rose 0.9% at 10:11 a.m. in New York.
Hollub said she keeps an open line of communication with Buffett. In the weeks leading up the CrownRock deal, Occidental’s corporate jet visited the Oracle of Omaha’s hometown twice.
Read More: Occidental Jet Visits Buffett’s Hometown Amid Potential Oil Deal
“The jet was there,” Hollub said. “I’m not always there to talk about business. I talk about other things with Warren Buffett. He’s an amazing person to get the opportunity to speak to and I feel grateful and fortunate that I’m able to go and have opportunities to speak to him.”
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