Permian Resources buys Occidental assets for $818 million

USA

HOUSTON, July 29, 2024 – Permian Resources will acquire some of Occidental Petroleum’s assets in the USA’s Delaware Basin for USD 818 million, Occidental announced on Monday.

Proceeds from the sale of the assets, located in Texas and New Mexico, will go towards reducing debt, Occidental said.

The assets include around 27,500 net acres in the Barilla Draw field of the Texas Delaware Basin and approximately 2,000 net acres in the New Mexico Delaware Basin, with combined net production in Q4 2024 estimated at 15,000 boepd.

The company is undertaking a USD 4.5 billion-6 billion divestiture programme to be completed within 18 months of closing the acquisition of CrownRock.

In December, Occidental announced a USD 12-billion deal to acquire CrownRock. Earlier this month, Occidental released statements indicating it is near closing the deal. Closure is now expected next month.

Texas-headquartered Permian Resources is an independent oil and gas company with operations focused on the Delaware Basin.

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