Occidental Sells Midcon For $1.4 Billion, Announces California Spinoff

Transaction Type

Sellers

Occidental Petroleum Corp.

Buyers

Merit Energy Co.

Announce Date

Thu, 02/13/2014 - 12:00 PM

Post Date

Feb 18, 2014

Close Date

Thu, 02/13/2014 - 12:00 PM

Estimated Price

$1,400.0MM

Description

Purchased more than 1.4 million net acres of its Hugoton Field assets in the Midcontinent; Average net production in 2013 was 110 MMcf/d, 30% oil.

Occidental Sells Midcon For $1.4 Billion, Announces California Spinoff