Oxy Sells, Buys Permian Acreageby Will Brackett
Houston-based Occidental Petroleum (Oxy) said June 19 that it sold some of its holdings in the Permian Basin and used the proceeds to add to its acreage position in another area of the Permian in West Texas.
Oxy said it sold 13,000 total acres that were located in Andrews, Martin, and Pecos counties to an undisclosed buyer for $600 million. The company then purchased properties in Glasscock County from New York-based Hess Corp.
The Glasscock County acreage includes enhanced oil recovery fields. Enhanced oil recovery involves injecting carbon dioxide into a well to help extract more crude oil from older fields where production has declined over time.