Skip to main content

Occidental sells Permian Basin acreage to Colgate Energy Partners affiliate

Published by
Oilfield Technology,


Occidental has entered into a definitive agreement to sell non-strategic acreage in the Permian Basin to an affiliate of Colgate Energy Partners III, LLC, for US$508 million, subject to closing adjustments to reflect an 1 April 2021 effective date.

The transaction, which is expected to close in 3Q21, includes approximately 25 000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10 000 boe/d from about 360 active wells. Proceeds from the sale will be applied toward debt reduction.

“We continue to advance our divestiture and deleveraging goals while delivering value for our shareholders,” said Occidental President and CEO Vicki Hollub. “This transaction brings our post-Colombia divestiture total to over US$1.3 billion of the planned US$2 billion to US$3 billion, and since August 2019 we have divested more than US$9 billion of assets.”


Read the latest issue of Oilfield Technology in full for free: Issue 1 2021

Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.

Exclusive contributions come from Rystad Energy, Archer, Weatherford, Halliburton, CGG, NOV, TETRA Technologies, Clariant and more.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11062021/occidental-sells-permian-basin-acreage-to-colgate-energy-partners-affiliate/

You might also like

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Upstream news Texas upstream news US upstream news Oil & gas news