Thursday, October 19, 2017

Hess to Sell Permian EOR Assets to Occidental for $600 Mln

Posted by June 19, 2017

Hess Corp said on Monday it would sell its stake in enhanced oil recovery projects in the Permian Basin of West Texas and New Mexico to Occidental Petroleum Corp for $600 million in cash.


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)

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