Occidental Petroleum Says Divestiture Plans On Track
September 30 2019 - 8:55AM
Dow Jones News
By Colin Kellaher
Occidental Petroleum Corp. (OXY) on Monday said it is on track
with its plans to sell $10 billion to $15 billion of assets as it
works to pare its debt load following its $38 billion acquisition
of Anadarko Petroleum Corp.
Occidental said it has completed the sale of Anadarko's
Mozambique LNG stake to Total S.A. (TOT) for $3.9 billion as part
of an $8.8 billion deal to sell all of Anadarko's African assets to
the French oil major.
The Houston energy company said it working with Total to wrap up
the sale of the remaining assets in Algeria, Ghana and South
Africa.
Occidental said the Total deal, coupled with the $650 million
sale of its holdings in Plains All American Pipeline L.P. (PAA) and
Plains GP Holdings L.P. (PAGP) and its planned Midland Basin joint
venture with Ecopetrol S.A. (EC), brings its post-acquisition
divestitures to about $10 billion, "with more to follow."
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 30, 2019 08:40 ET (12:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Occidental Petroleum (NYSE:OXY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Occidental Petroleum (NYSE:OXY)
Historical Stock Chart
From Sep 2023 to Sep 2024