Houston-based Occidental Petroleum last week said total production in second quarter was above midpoint of guidance at 1.4 million boed. That includes average production of 770,000 boed in Permian Basin, where it is one of the leading producers.
Occidental also said Aug. 6 it has signed four agreements to generate about $950 million in proceeds for debt reduction after its acquisition of Crown Rock. Between April and July, it completed transactions totaling about $370 million to divest non-core and select non-operated Permian upstream assets not in the company’s near-term development plans to undisclosed parties, and in July it reached agreement with an affiliate of Enterprise Products Partners to sell gas gathering assets in Midland Basin for $580 million.
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