Occidental Petroleum Corp., Los Angeles, (NYSE: OXY) plans to acquire oil and gas assets from Plains E&P Co., Houston, (NYSE: PXP) for $865 million in cash. The properties are adjacent to Occidental's existing operations in California and the Permian Basin in West Texas and will add proved reserves of approximately 56 million barrels of oil equivalent. The sale encompasses the entirety of PXP's previously announced divestment program including interests in the Asphalto, Buena Vista and Mt. Poso fields in the San Joaquin Valley, the Sansinena Field in the Los Angeles Basin, the Pakenham Field in West Texas and various minor properties. The properties currently generate sales volumes, net of exchange-related gas volumes, of approximately 7,200 barrels of oil equivalent per day.
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