OXY USA Seeking Buyer Of Its Bakken Assets -- October 6, 2014
Bloomberg is reporting:
OXY USA is seeking
to sell its North Dakota oil assets as the company restructures
to focus on its most profitable regions, people with knowledge
of the matter said.
Occidental is working with investment bank Tudor Pickering
Holt & Co. to sell about 335,000 net drilling acres in the
Williston Basin and may receive as much as $3 billion in a deal,
said the people, who asked not to be identified because they
were discussing private information. The holdings include a part
of North Dakota’s Bakken formation, an area that has been less
successful for Occidental because of higher costs, though it’s
one of the fastest-growing oil-producing regions in the U.S.
A representative for Tudor Pickering Holt didn’t
immediately respond to a request for comment. Melissa Schoeb, an
Occidental spokeswoman, said the Houston-based company announced
plans last year to “pursue strategic alternatives” for some
assets, including in the Williston Basin.
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