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.