Houston-based Occidental Petroleum continues to shed pounds to reduce its debt load of $35.47 billion. Reese Energy Consulting today is following the latest news from Oxy, which now will sell 25,000 acres in the Permian’s southern Delaware to PE-backed Colgate Energy Partners for $508 million. This gives Midland, Texas-based Colgate about 83,000 net acres in the Delaware. The deal includes 10,000 BOEPD from about 360 wells but is a relative blip on Occidental’s Permian map. The company remains the largest producer there as well as in the DJ Basin and the country of Oman. Occidental in February announced a Q4 2020 loss of $731 million compared with a $1.3 billion loss in the same quarter 2019 following its $38 billion acquisition of Anadarko Petroleum. Oxy has since sold off many of its premium assets both domestic and international as it transitions to a future more weighted in global carbon capture and sequestration management. Watch for the company this year to offload another $2 billion to $3 billion in properties.
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Occidental Petroleum Corporation
Occidental Petroleum Corporation is an American company engaged in hydrocarbon exploration in the United States, the Middle East, and Colombia as well as petrochemical manufacturing in the United States, Canada, and Chile. It is organized in Delaware and headquartered in Houston.