Houston-based Occidental Petroleum continues its divestment campaign with a new $508 million deal to sell Permian Basin acreage to Colgate Energy Partners III LLC, a Midland, Texas-based oil and gas producer.
The transaction, which is expected to close in the third quarter of 2021, includes approximately 25,000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10,000 barrels of oil equivalent per day from about 360 active wells.