Oxy strikes $818M asset sale with Permian Resources

• Oxy previously said it plans to sell up to $6 billion in assets within 18 months of closing the deal, which Bloomberg reports should close next month.

Zoom in: Occidental also plans to divest about $152 million worth of assets, bringing the total year-to-date proceeds divestments (closed and announced) to $970 million.

The bottom line: "The deal with Permian Resources ... would consist of a total of 29,500 net acres in the Barilla Draw Field of the Permian Basin, the largest shale oil belt in the world, potentially boosting Permian Resources' output by estimated combined net production of 15,000 barrels of oil equivalent per day (boepd) in the fourth quarter of 2024." — Reuters