Ecopetrol, Occidental Gets U.S. OK for Permian Venture
October 22 2019 - 10:03AM
Dow Jones News
By Colin Kellaher
Ecopetrol S.A. (EC) on Tuesday said it received U.S. regulatory
approval for its planned Permian Basin joint venture with
Occidental Petroleum Corp. (OXY).
The Colombian oil and gas company said it expects to complete
the transaction by the end of the year.
Ecopetrol and Occidental in July said the venture would develop
97,000 net acres of Occidental's Midland Basin properties in the
Permian Basin, with Ecopetrol paying $750 million in cash plus $750
million of carried capital in exchange for a 49% stake in the
venture.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 22, 2019 09:48 ET (13:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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