Occidental Petroleum Acquires Leasehold Acreage In Permian Basin - Quick Facts

(RTTNews) - Occidental Petroleum Cor. (OXY) announced it has acquired producing and non-producing leasehold acreage in the Permian Basin from private sellers. Separately, the company acquired interests in several Permian Basin enhanced oil recovery and CO2 properties, and related infrastructure. The total purchase price is approximately $2 billion.

The leasehold acquisition in the Permian Basin includes approximately 35,000 net acres in Reeves and Pecos counties, Texas, in the Southern Delaware Basin, with approximately 7,000 barrels of oil equivalent per day of net production (72 percent oil) from 68 horizontal wells.

Occidental said the acquired working interests in producing oil and gas CO2 floods and related EOR infrastructure has increased the company's ownership in several properties where it is currently the operator or an existing working interest partner. These properties have current production of approximately 4,000 BOE per day (80 percent oil), with estimated net proved developed producing reserves of approximately 25 million BOE and total proved reserves of approximately 41 million BOE.