Oxy to Divest Permian Basin Assets for $950 Million
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Occidental Petroleum has signed four agreements to divest select Permian Basin assets for $950 million.
“We are pleased with how we continue to strategically strengthen our portfolio, and it’s rewarding to see those efforts drive debt reduction and create value for shareholders,” said president and CEO Vicki Hollub.
“We believe Occidental has the best assets in our history and we will continue to find opportunities to high-grade our portfolio and generate long-term value,” added Hollub.
Between April and July 2025, completed multiple transactions totaling approximately $370 million, divesting non-core and select non-operated Permian Basin upstream assets not in the company’s near-term development plans to undisclosed parties.
In July 2025, entered into an agreement with an affiliate of Enterprise Products Partners to sell an entity that owns certain gas gathering assets in the Midland Basin for $580 million. This agreement is subject to customary closing conditions and regulatory approval, including the expiration or termination of the Hart-Scott-Rodino Act waiting period.
These transactions bring the total divestitures since the December 2023 announcement of the CrownRock acquisition to approximately $4 billion. Since July 2024, Occidental has repaid $7.5 billion of debt, including proceeds from non-core Delaware Basin transactions that closed in April and July, and expects to apply an additional $580 million to debt reduction upon closing of the Midland Basin gas gathering divestiture.
Occidental Petroleum is an international energy company with assets primarily in the United States, the Middle East, and North Africa. They are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Their midstream and marketing segment provides flow assurance and maximizes the value of its oil and gas, and includes their Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow its business while reducing emissions. Their chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. They are dedicated to using its global leadership in carbon management to advance a lower-carbon world.
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