Occidental sells Wyoming, Colorado and Utah land grant assets for $1.33 billion

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Occidental Petroleum Corp. announced Wednesday agreements to sell sell its Wyoming, Colorado and Utah land grant assets for $1.33 billion to Orion Mine Finance. The deal, which is expected to close in the fourth quarter, represents about 4.5 million mineral acres and 1 million fee surface acres. “This transaction significantly advances the progress against our $2 billion plus divestiture target for 2020,” said Occidental Chief Executive Vicki Hollub. The asset sales does not include about 2.5 million mineral acres derived from the land grant in Colorado, included the DJ Basin in Colorado and the Powder River Basin in Wyoming. The oil and gas exploration and production company’s stock, which fell 0.5% in afternoon trading, has tumbled 66.3% year to date, while the SPDR Energy Select Sector ETF has dropped 37.8% and the S&P 500 has gained 4.8%.
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