Occidental Petroleum Corp 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.
Source: CNBC
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. (https://bit.ly/3imcjXe)
Occidental, which expects to close the deal by the third quarter, maintained its 2021 forecast for capital expenditure and production.
