November 2, 2016
Occidental Petroleum Corp. of Houston acquired additional Permian Basin assets through multiple transactions totaling a combined $2 billion. The deals include approximately 35,000 net acres in West Texas’ Reeves and Pecos Counties, which produce approximately 7,000 barrels of oil equivalent a day.
The company bought producing and non-producing leasehold acreage, as well as interest in several enhanced oil recovery and CO2 properties. Included in the deals was related infrastructure. The acreage is near areas where Oxy already operates and has working interests. The company has an overall position of close to 59,000 acres in the region.
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