Occidental Petroleum Corp (OXY.N) said on Thursday it would sell some of its acreage in Texas' Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million.
Partager :
Occidental Announces Continued Progress on Divestment Program with the Sale of Non-Strategic Permian Basin Acreage for $508 Million and Reaffirms 2021 Capital and Production Guidance
édité le 10/06/2021 - Plus de news de Occidental - Voir la fiche entreprise de Occidental
Occidental announced it has entered into a definitive agreement to sell non-strategic acreage in the Permian Basin to an affiliate of Colgate Energy Partners III, LLC, for $508 million, subject to closing adjustments to reflect an April 1, 2021 effective date. 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. Proceeds from the sale will be applied toward debt reduction.
The acquisition will create one of the largest private companies in the Permian Basin, with around 57,000 net acres, roughly 45,000 boe/d and 4 rigs running as of June 1, 2021.
MIDLAND, Texas (BUSINESS WIRE) Jun 2, 2021
Colgate Energy Partners III, LLC (the âCompanyâ or âColgateâ) announced today that it has entered into a definitive agreement under which Colgate will acquire a majority of the assets owned by Luxe Energy LLC (âLuxeâ) in an all-stock transaction. Luxe will continue to own and manage certain assets including a portion of the non-operated leasehold interests that are operated by MDC Reeves Energy, LLC and its affiliates. Closing occurred simultaneously with signing of a definitive agreement on June 1, 2021.
Pro Forma Acreage Map (TX Zoom-In) (Graphic: Business Wire)
Luxe Highlights
Current average net daily production of ~17,000 Boepd