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Occidental sells Permian Basin acreage to Colgate Energy Partners affiliate

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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.”

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