Occidental Petroleum to sell some assets for $818 mln to Permian Resources (updated)

Permian Resources

29/07/2024 11:42

(Adds details paragraph 2 onward)
       July 29 - U.S. oil and gas producer Occidental Petroleum
 OXY.N  said on Monday it would sell certain Delaware Basin
assets in
Texas and New Mexico to Permian Resources  PR.N  for about $818
million. 
     A spike in oil prices since 2022 has sparked dealmaking in
the U.S. as companies are looking to secure oil and gas
inventory for the future. 
    Occidental, which is planning to take on additional debt to
fund its $12 billion takeover of rival CrownRock, has said it
plans to sell up to $6 billion of assets within 18 months of
closing the CrownRock deal.
    Occidental said it would be selling to Permian Resources a
total of 29,500 net acres in the Barilla Draw Field of the Texas
Delaware Basin and New Mexico Delaware Basin, with an estimated
combined net production of 15,000 barrels of oil equivalent per
day (boepd) in the fourth quarter of 2024.    
    The Permian Resources deal is expected to close in the third
quarter of 2024.

 (Reporting by Seher Dareen and Sourasis Bose in Bengaluru;
Editing by Shailesh Kuber)
 ((Sourasis.Bose@thomsonreuters.com;))