Dakota Quarters
Occidental To Sell Argentine Oil & Gas Operations
InfoGrok Energy, a leading energy industry news and energy company benchmarking website is reporting that Occidental Petroleum Corporation has signed an agreement to sell Argentine oil and gas operations for after-tax proceeds of approximately $2.5 billion with a subsidiary of China Petrochemical Corporation (Sinopec).
Occidental also had signed agreements to purchase oil and gas properties in Texas and North Dakota for about $3.2 billion. Additionally, Occidental has signed an agreement to increase its general partner (GP) ownership in Plains All-American to approximately 35 percent; and it has agreed to acquire the remaining 50 percent joint venture interest in the Elk Hills Power Plant.
Occidental expects all of these transactions to be completed no later than the end of the first quarter of 2011, subject to normal regulatory approvals.
The Texas assets will be purchased from Shell for about $1.eight billion and currently produce approximately 200 million cubic feet per day of gas equivalent. Shell has owned and operated the properties for many years. The assets will be 100% operated by Occidental and have an excellent inventory of drilling opportunities.
Occidental is purchasing approximately 180,000 net contiguous acres in North Dakota which produce from the Bakken formation and are prospective in the Three Forks formation. The purchase price is approximately $1.4 billion.
The assets currently produce approximately 5,500 BOEPD and Occidental’s net risked reserve exposure is in excess of 250 million barrels of oil equivalent. Combined with Occidental’s other interests in the Williston Basin, Occidental will have an interest in over 200k net acres and over 6,000 BOEPD of production.
Occidental expects to grow production in the Williston Basin to at least 30,000 BOEPD over the next five years.
Occidental is purchasing an incremental 13 percent ownership in PAA’s general partner, bringing its total ownership in the GP to approximately 35 percent. PAA’s operations compliment Occidental’s domestic oil and gas operation. Plains is an operator of oil pipelines in North America with operations in California, Texas, and North Dakota, among other areas.
The energy industry research website also reports that in addition, Occidental is purchasing Sempra Generation’s 50 percent interest in the Elk Hills Power Plant, bringing Oxy’s ownership to 100 percent. This will improve efficiency and lower operating costs at Oxy’s Elk Hills business unit.
Occidental’s Argentine assets being divested currently produce approximately 44k BOEPD net to Oxy. When the transaction closes, Occidental expects to report a gain on the sale.
Mr Irani, the current CEO of Occidental, said, “These transactions will be immediately accretive to our earnings, return on capital employed and cash flow after capital. With these new acquisitions and without Argentina in our asset mix, achieving both our short-term and long term average annual production growth outlook of five-eight percent will be more certain and will generate higher numbers.”
US Mint
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