Farber: Exxon's Pioneer deal removed two of CrownRock's best potential buyers
Jonathan Farber · Striking Oil – CrownRock by Lime Rock Capital (EP.428) · Jan 20, 2025 · at 49:34
Jonathan Farber, co-founder of Lime Rock Capital, recounts the M&A dynamics during the 2023 sale process of CrownRock, which was ultimately acquired by Occidental Petroleum.
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“The flip side of that was the business had been so successful that we got to a size that very few companies could afford to bid in that process. And the deal that John was talking about with Exxon taking out Pioneer, that took two of our best buyers off the table. It wasn't a big group to begin with.”
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