Occidental Petroleum sells Delaware Basin assets to Permian Resources for $818mn as part of a $4.5-$6bn divestment program.
Occidental Petroleum plans to sell Delaware Basin assets in Texas and New Mexico to Permian Resources for $818mn, as part of a $4.5bn-$6bn divestment program to reduce debt and fund its $12bn CrownRock acquisition. The sale is expected to close in Q3 2024 and increase Permian Resources' oil output by 15,000 boepd in Q4 2024. The deal is part of Occidental's strategy to reduce its current $18bn debt.
July 29, 2024
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