Occidental to sell some Permian basin assets for $508 mln – Reuters

SectorOil & Gas

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo

Occidental Petroleum Corp (OXY.N) said on Thursday it would sell some of its acreage in Texas’ Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million.

The oil producer has cut jobs, production and the value of its assets after the pandemic hammered fuel demand, piling pressure on a company that had taken on significant debt to acquire Anadarko Petroleum for $38 billion in 2019.

The company’s long-term net debt stood at $35.47 billion as of March 31, according to a regulatory filing, and has said it plans to sell between $2 billion and $3 billion in properties this year to reduce its debt. read more (https://bit.ly/3imcjXe)

The deal with Colgate Energy includes about 25,000 net acres in the Southern Delaware Basin in Texas with...read more...