Occidental Petroleum Corp. (OXY), a hydrocarbon explorer, announced on Monday that it has agreed to sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources Corp. for around $818 million. The transaction is expected to be closed in the third quarter.
Occidental will sell around 27,500 net acres in the Barilla Draw Field of the Texas Delaware Basin and approximately 2,000 net acres in the New Mexico Delaware Basin.
The combined fourth-quarter net production from these properties is estimated to be around 15,000 barrels of oil equivalent per day.
Separately, the company has noted that it has completed several sales totaling around $152 million in 2024. Occidental will use the proceeds from these transactions to reduce debt.
Occidental had previously announced a $4.5 billion to $6 billion divestment to be completed within 18 months of closing the acquisition of CrownRock, L.P. which is expected to occur in August.
Vicki Hollub, CEO of Occidental, said: "We are pleased with the significant progress to date on our divestiture program, which is aimed at derisking the financing of the CrownRock acquisition and accelerating our shareholder return pathway."
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