Occidental announces divestments of Permian Basin assets totaling $950M

Occidental (OXY) announced it has signed four agreements to divest select Permian Basin assets, generating approximately $950M in proceeds to be used for debt reduction. The company says that between April and July, completed multiple transactions will total approximately $370M, “divesting non-core and select non-operated Permian Basin upstream assets not in the company’s near-term development plans to undisclosed parties.” In July, Occidental entered into an agreement with an affiliate of Enterprise Products Partners to sell an entity that owns certain gas gathering assets in the Midland Basin for $580M. This agreement is subject to customary closing conditions and regulatory approval, including the expiration or termination of the Hart-Scott-Rodino Act waiting period.