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Tim Dunn, the powerhouse GOP donor, to sell his West Texas oil company for $12 billion
Tim Dunn, the powerhouse GOP donor, to sell his West Texas oil company for $12 billion
Tim Dunn has used his wealth to establish a network of organizations that push his ultraconservative views across Texas. The deal comes amid a time of consolidation in the Permian Basin.
BY JAYME LOZANO CARVER AND ROBERT DOWNEN
DEC. 11, 2023
20 HOURS AGO
Tim Dunn speaks during The Texas Tribune Festival on Sept. 24, 2016. On Monday, he sold his West Texas oil company for $12 billion to Occidental Petroleum Corp. Credit: Brett Buchanan for The Texas Tribune
Sign up for The Brief, The Texas Tribune’s daily newsletter that keeps readers up to speed on the most essential Texas news.
Tim Dunn, a West Texas billionaire who has used his oil fortune to turbocharge the state’s far-right political movement, sold his oil company Monday in a deal valued at about $12 billion.
In a statement, Occidental Petroleum Corp. said the company entered into a purchase agreement to acquire the Midland-based CrownRock L.P., a joint business held by Crownquest Operating LLC, Dunn’s company, and Lime Rock Partners. The $12 billion transaction, which includes cash and stock, is expected to close in early 2024.
The sale comes during a time of consolidation in the Permian Basin, an oil-rich stretch of land in West Texas and New Mexico, and after weeks of reports about the potential sale of the drilling company.
Brandon Rottinghaus, a political science professor at the University of Houston, said the wealthiest people in the state have a significant say in how policies are shaped. Dunn is a prime example.
{snip}
Tim Dunn has used his wealth to establish a network of organizations that push his ultraconservative views across Texas. The deal comes amid a time of consolidation in the Permian Basin.
BY JAYME LOZANO CARVER AND ROBERT DOWNEN
DEC. 11, 2023
20 HOURS AGO
Tim Dunn speaks during The Texas Tribune Festival on Sept. 24, 2016. On Monday, he sold his West Texas oil company for $12 billion to Occidental Petroleum Corp. Credit: Brett Buchanan for The Texas Tribune
Sign up for The Brief, The Texas Tribune’s daily newsletter that keeps readers up to speed on the most essential Texas news.
Tim Dunn, a West Texas billionaire who has used his oil fortune to turbocharge the state’s far-right political movement, sold his oil company Monday in a deal valued at about $12 billion.
In a statement, Occidental Petroleum Corp. said the company entered into a purchase agreement to acquire the Midland-based CrownRock L.P., a joint business held by Crownquest Operating LLC, Dunn’s company, and Lime Rock Partners. The $12 billion transaction, which includes cash and stock, is expected to close in early 2024.
The sale comes during a time of consolidation in the Permian Basin, an oil-rich stretch of land in West Texas and New Mexico, and after weeks of reports about the potential sale of the drilling company.
Brandon Rottinghaus, a political science professor at the University of Houston, said the wealthiest people in the state have a significant say in how policies are shaped. Dunn is a prime example.
{snip}
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