Oxy to buy properties from Plains E&P for $865 million

By OGJ editors
HOUSTON, Aug. 16 -- Occidental Petroleum Corp. has agreed to buy oil and gas properties, mainly in California and Texas, from Plains Exploration & Production Co., Houston, and certain subsidiaries, for $865 million. The transaction is expected to close by Sept. 30.

The properties include interests in Asphalto, Buena Vista, and Mt. Poso fields in California's San Joaquin Valley, Sansinena field near Plains E&P's Montebello field in the Los Angeles basin, Pakenham field in West Texas, and several minor properties.

Plains E&P's independent reserves engineers estimated these producing properties as of Dec. 31, 2005, had proved reserves of 45 million boe, and the properties generate sales volumes of about 7,200 boe/d of oil.

Plains E&P will use the proceeds for debt reduction and to continue repurchasing shares.

Related Articles

Oxy cuts capital budget by a third

02/09/2015 In the midst of falling oil prices, Occidental Petroleum Corp., Houston, expects to reduce its total capital spending for 2015 to $5.8 billion from...

Geomicrobial survey results follow drilling success

11/30/2014 The Oriente basin of Ecuador is one of the most productive of the South American Sub-Andean basins. Cumulative production of oil at the end of 2011...

Leadership named for Oxy California independent spinoff

07/10/2014 Occidental Petroleum Corp. has appointed Todd A. Stevens as president and chief executive officer and William E. Albrecht as executive chairman of ...

OxyChem names Peterson as president

06/10/2014 Occidental Petroleum Corp. has selected Robert Peterson as president of wholly owned subsidiary Occidental Chemical Corp. (OxyChem), effective Aug....

Oil and gas midstream ripe for investment, Deloitte specialists say

05/14/2014 Surging US production has made oil and gas midstream operations attractive investment prospects, three Deloitte specialists said during the final d...

Oxy reports decrease in US, worldwide 1Q production

05/05/2014 Occidental Petroleum Corp. reported that its oil and gas production volumes in the first quarter averaged 745,000 boe/d, down from 763,000 boe/d in...

Oxy to spinoff California business

02/14/2014

Occidental Petroleum Corp.’s board has authorized the separation of its California assets into an independent and separately traded company.

Oxy to sell Hugoton field assets for $1.4 billion

02/13/2014 Occidental Petroleum Corp. has agreed to sell its Hugoton field assets to an undisclosed buyer for $1.4 billion. Oxy said it anticipates the transa...

Innex California, Rango Energy form US joint venture

01/20/2014 Innex California Inc., Dallas, has signed a definitive joint venture, operating, and acquisition agreement with Rango Energy Inc. that covers certa...
White Papers

UAS Integration for Infrastructure: More than Just Flying

Oil and gas companies recognize the benefits that the use of drones or unmanned aerial systems (UAS) c...

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by
Available Webcasts


Operating a Sustainable Oil & Gas Supply Chain in North America

When Wed, Oct 7, 2015

Short lead times and unpredictable conditions in the Oil & Gas industry can create costly challenges in supply chains. By implementing a LEAN culture of continuous improvement you can eliminate waste, increase productivity and gain end-to-end visibility leading to a sustainable and well-oiled supply chain.

Please join us for this webcast sponsored by Ryder System, Inc.

register:WEBCAST


The Resilient Oilfield in the Internet of Things World

When Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.

register:WEBCAST



On Demand

Taking the Headache out of Fuel License and Exemption Certificates: How to Ensure Compliance

Tue, Aug 25, 2015

This webinar, brought to you by Avalara, will detail the challenges of tax document management, as well as recommend solutions for fuel suppliers. You will learn:

-    Why it’s critical to track business partner licenses and exemption documents
-    The four key business challenges of ensuring tax compliance through document management
-    Best practice business processes to minimize exposure to tax errors

register:WEBCAST


Driving Growth and Efficiency with Deep Insights into Operational Data

Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected