Occidental Petroleum in talks to sell $3B gas stake to Mubadala

Occidental Petroleum (NYSE:OXY) is in talks to sell as much as a $3B stake of the Shah natural gas field to Abu Dhabi-owned Mubadala Development.

The company is looking to individually sell several of its Middle East assets after it failed to cut 40% of its operations in the region earlier this year.

Separately, Occidental Petroleum is looking to sell part of its stake in Dolphin Energy, a joint venture that operates a pipeline transporting gas from Qatar to the UAE and Oman. Mubadala and Total (NYSE:TOT) are partners in the project.

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Comments (3)
  • DougRk
    , contributor
    Comments (1899) | Send Message
    There was a truly massive unusual options buy a week or so ago in OXY. 50,000 contracts, Jan15 110/120 call spread. Almost $6M laid out with a $45M potential.


    Now this news. Is this a catalyst? No idea. But still interesting.
    24 Aug 2014, 11:40 AM Reply Like
  • User 353732
    , contributor
    Comments (5158) | Send Message
    OXY is a lot like Brazil: great potential and future but the present always disappoints and the future seems to be a receding horizon.
    However, unlike Brazil , OXY actually has a high chance of repositioning and reconstituting itself by spinning off or monetizing international and California businesses and becoming a leading North American independent within 12 months.
    24 Aug 2014, 04:24 PM Reply Like
  • Tueffelhund85
    , contributor
    Comments (188) | Send Message
    Got in at 77.00. No complaints here!
    24 Aug 2014, 07:35 PM Reply Like
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