Occidental Petroleum Says Divestiture Plans On Track

Date : 09/30/2019 @ 1:55PM
Source : Dow Jones News
Stock : Occidental Petroleum Corporation (OXY)
Quote : 13.0  0.23 (1.80%) @ 12:59AM
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Occidental Petroleum Says Divestiture Plans On Track

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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.

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