Occidental Issues Statement Regarding Agreement With Total
May 18 2020 - 8:30AM
Occidental Petroleum Corporation (NYSE: OXY) today issued the
following statement regarding its agreement with Total to acquire
Anadarko’s assets in Africa:
In August 2019, Total and Occidental entered into a Purchase and
Sale Agreement in order for Total to acquire Anadarko’s assets in
Africa. Under this agreement, Total and Occidental have since
completed the sale and purchase of the Mozambique and South Africa
assets.
The purchase and sale agreement provided that the sale of the
Ghana assets was conditional upon the completion of the Algeria
assets’ sale. Occidental has informed Total that, as part of an
understanding with the Algerian authorities on the transfer of
Anadarko’s interests to Occidental, Occidental would not be in a
position to sell its interests in Algeria to Total.
Total has informed Occidental that it is not interested in
purchasing Anadarko’s interests in Ghana in the current
circumstances. Because the purchase and sale agreement
expires in September, Total and Occidental have executed a waiver
of the obligation to purchase and sell the Ghana assets, so that
Occidental can begin marketing the sale of the Ghana assets to
other third parties. These assets in Ghana are world class and
function economically well at low oil prices with upside potential
over the long term.
About Occidental
Occidental is an international energy company with operations in
the United States, Middle East, Latin America and Africa. We are
the largest onshore oil producer in the U.S., including in the
Permian Basin, and a leading offshore producer in the Gulf of
Mexico. Our midstream and marketing segment provides flow assurance
and maximizes the value of our oil and gas. Our chemical subsidiary
OxyChem manufactures the building blocks for life-enhancing
products. Our Oxy Low Carbon Ventures subsidiary is advancing
leading-edge technologies and business solutions that economically
grow our business while reducing emissions. We are committed to
using our global leadership in carbon dioxide management to advance
a lower-carbon world. Visit oxy.com for more information.
ContactsMedia:Melissa E.
Schoeb713-366-5615melissa_schoeb@oxy.com
or
Investors:Jeff Alvarez713-215-7864jeff_alvarez@oxy.com
On the web: oxy.com
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