Reuters: Occidental Petroleum to sell all North Dakota shale holdings

|About: Occidental Petroleum Corpor... (OXY)|By:, SA News Editor

Occidental Petroleum (NYSE:OXY) agrees to sell all its North Dakota shale oil acreage and assets to P-E fund Lime Rock Resources in a deal worth ~$500M, Reuters reports.

The sale, which would mark the first exit during the current downturn by a major oil company from the Bakken shale formation, is said to include all of OXY's 300K-plus acres in the state.

As recently as last fall, analysts had expected OXY's Bakken assets would sell for at least $3B.

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