Hess to Sell Permian EOR Assets to Occidental for $600 Mln
Hess (HES) said it plans to use the cash to fund growth projects. For Occidental, the deal adds to the company's dominant position as the largest producer of oil through enhanced oil recovery in the United States.
Separately, Occidental said it would sell acreage in the Permian for $600 million to undisclosed buyers and acquire other acreage closer to existing operations, deals that will cut its holdings in America's largest oilfield by 13,000 acres.
(Reporting by Ernest Scheyder)