Occidental leaves Williston Basin
USA
HOUSTON, October 28, 2015 – Occidental has decided to leave the US’ Williston Basin in an attempt to divest from non-core assets after feeling the effects of low oil prices, the Houston-based exploration and production independent stated Wednesday.
Occidental announced its exit from the onshore shale play located in the northwest of the country after releasing its third-quarter losses. The company had a net loss of $2.61 million against a $1.21-billion profit from the same period a year earlier.
Despite recording losses, the company boosted production in the third quarter by 16 percent to 689,000 barrels of oil equivalent per day.
In addition to exiting its US assets, Occidental will also pull out of its Middle Eastern and North African non-core operations.
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