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Friday, Oct 18
Occidental Petro plans sale of Midcontinent, pipeline stakes
- Occidental Petroleum (OXY) says it will pursue the sale of a minority stake in its Middle East and North Africa operations and will consider options for some Midcontinent assets, including oil and gas interests in the Williston Basin, Hugoton Field, Piceance Basin and other Rocky Mountain assets.
- The sale also includes some of OXY's 35% stake in the general partner of Plains All-American Pipeline (PAA) for pre-tax proceeds of $1.3B; OXY estimates its remaining interest in PAA is worth ~$3.4B.
- OXY +1% premarket.