Occidental Petroleum Corp. OXY, +0.45% is in negotiations to buy Texas energy producer CrownRock in a deal that could be valued at more than $ 10 billion, the Wall Street Journal reported late Wednesday.
If all goes well, the deal could come together soon, according to the Journal.
Midland, Texas-based CrownRock is a major developer of Permian Basin oilfields, and it one of the last remaining big private companies in the region, according to the Journal.
Warren Buffett’s Berkshire Hathaway BRK.A, -0.54% BRK.B, -0.38% owns a roughly 25% stake in Occidental.
In October, ExxonMobil Corp. XOM, -1.50% said it would buy Permian shale driller Pioneer Natural Resources Co. PXD, -1.30% in an all-stock deal valued at $ 59.5 billion.