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...