By OGJ editors
HOUSTON, May 20 -- Occidental Petroleum Corp. has acquired from ExxonMobil Corp. an interest in oil and gas production in the West Texas Permian basin for $972 million.
The production is primarily from Salt Creek, Sharon Ridge, and Dollarhide fields. Occidental said it expects to sell portions of the assets that do not fit its Permian portfolio.
The interests—along with production from another Permian transaction still being negotiated and two smaller Permian acquisitions completed in the first quarter—are expected to increase Occidental's total proved reserves by at least 130 million boe, net of the asset sales.
