Occidental to buy Altura Energy for $3.6 billion

Occidental Petroleum Corp. is buying Altura Energy LP, Texas' biggest oil producer, from BP Amoco PLC and Shell Exploration & Production Co. for $3.6 billion in a move that will immediately boost Oxy's worldwide production by 36%.Oxy will invest $1.2 billion cash-including proceeds of $700 million from the pending sale of its interest in Canadian Occidental Petroleum Ltd. (OGJ, Mar. 13, 2000, p. 32)-to become managing general partner for Altura. The other $500 million will be raised through the sale of various nonstrategic properties before yearend, said company officials.The partnership is borrowing the remaining $2.4 billion, to be repaid from Altura's production with no rec...

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