Oxy Working On Ecopetrol JV, Sells Pipeline Holdings, Anadarko Mozambique Stake

September 30, 2019

Oxy is providing updates on its deleveraging and divestiture activities now that it’s closed on its purchase of Anadarko.

Occidental Petroleum Corp. has completed the sale of its holdings in Plains All American Pipeline for $650 million.

Back in July, in conjunction with Occidental’s second quarter 2019 earnings, Occidental announced a strategic partnership with Colombia’s Ecopetrol to develop Midland Basin acreage for $750 million in cash plus $750 million in carried capital in a transaction  expected to close before the end of the year.

And Oxy completed the sale of Anadarko Petroleum‘s stake in Mozambique LNG to Total SA for $3.9 billion.

Now Occidental and Total are working toward closing the remaining Africa transactions in Algeria, Ghana and South Africa as outlined in the definitive agreement signed in August.

As Oxy has previously said, it has entered into a binding agreement to sell Anadarko’s African assets to Total for $8.8 billion.

In a statement Monday, Occidental said it “remains on track to deliver $10 to $15 billion of planned asset sales and remains confident in its deleveraging strategy.”

President and CEO Vicki Hollub added that “Upon completion of our recent initiatives, we will have reached approximately $10 billion of our targeted divestitures with more to follow.”