You also have the option to opt-out of these cookies. “This transaction significantly advances the progress against our $2 billion plus divestiture target for 2020,” President and CEO Vicki Hollub said. “Had Wyoming’s bid been accepted, the rate of return was expected to be in the range of 8% to 12%, depending on the assets and how quickly the economy recovers. Pioneer Natural Resources Co. agreed to acquire Parsley Energy Inc. in an all-stock transaction valued at $4.5 billion as of Oct. 19, 2020. “But we believe additional color from management would go a long way in helping the market ascertain how the company plans to bring down absolute leverage in a meaningful way.”. Occidental will retain all cash flow from currently producing oil and gas properties on the position, which are primarily cost-free royalties. “This transaction offers significant royalty cash flow from the trona mines and has strong potential for mineral development.”. “This transaction offers significant royalty cash flow from the trona mines and has strong potential for mineral development.” He added, “As a firm we recognize the importance of US mineral and energy production and are pleased to be able to offer our support to the existing world-class operators and their associated communities.”, The state’s top five officials on Monday will consider offering a bid for about 1 million, The state’s next round of budget cuts will require the Legislature to, According to personal finance website WalletHub, Wyoming was ranked 49th of 50, Sales in the retail sector in the period from April through June, Wyoming lost more than 25,000 jobs in the second fiscal quarter of, With the deadline nearing for Wyoming businesses and nonprofit organizations to apply, State To Consider Occidental Land Purchase Monday, Dave Simpson: Chewing The Fat Out On The Porch, 610 Active Wyoming Coronavirus Cases As Total Cases Top 3,390, Legislature Will Have To Examine What Services Not To Offer, Gordon Says, Study: Wyoming Residents Don’t Need Loans (As Much), Wyoming Sales Down In Second Quarter, But Up In Retail, Wyoming Lost 25K Jobs During Second Quarter Of 2020, Wyoming Relief Fund Demand Nearly Over Available Amount. Information is provided in our Cookie Notice under Legal Notices. Shearman & Sterling advised Orion Mine Finance on its agreement to acquire Occidental Petroleum Corporation’s (Oxy) Wyoming, Colorado and Utah Land Grant assets for about $1.33 billion. Spokeswoman Melissa Schoeb said Occidental plans to move its Midland staff to offices Anadarko was building prior to the acquisition. UP Energy LLC, Englewood, Colo., has appointed Christopher Valdez as the company's interim president and chief operating officer and Ty Harrison as chief financial officer. Join to Connect. Aug 19th, 2020 Occidental Petroleum Corp. has agreed to sell Wyoming, Colorado, and Utah land grant assets to Orion Mine Finance for $1.33 billion. Occidental Petroleum has entered into an agreement to divest Wyoming, Colorado and Utah land grant assets to Orion Mine Finance for approximately $1.33 billion. Our Standards: The Thomson Reuters Trust Principles. The company is also reportedly in talks with Indonesia’s state oil company Pertamina to sell $4.5 billion of assets in Africa and the MIddle East, according to Bloomberg. But opting out of some of these cookies may have an effect on your browsing experience. Land Manager, Land Grant and Strategic Planning at Occidental Petroleum Company Denver, Colorado 500+ connections. The oil industry is consolidating. Occidental Petroleum Company. “This transaction significantly advances the progress against our $2 billion plus divestiture target for 2020,” Occidental President and CEO Vicki Hollub in a company news release. Gov. The transaction, which is expected to close in the fourth quarter of 2020, has a footprint of approximately 4.5 million mineral acres and 1 million fee surface acres. © 2020 Endeavor Business Media, LLC. Occidental Petroleum acquired the property, which originally belonged to Union Pacific, when they bought Anadarko Petroleum. © Shearman & Sterling 2020 | Attorney Advertising. The acquired properties will be held under Sweetwater Royalties, a new base metals and industrial minerals royalty company, managed by Orion. The transaction, which is expected to close in the fourth quarter of 2020, has a footprint of 4.5 million mineral acres and 1 million fee surface acres. US crude oil inventories for the week ended Oct. 16, excluding the Strategic Petroleum Reserve, decreased by 1.0 million bbl from the previous week, according to data from the US Energy Information Administration. According to the Wednesday release, Occidental will retain all cash flow from the currently producing oil and gas properties on the land, which are primarily cost-free royalties. The acquired properties will be held under Sweetwater Royalties, a new base metals and industrial minerals royalty company, which will be managed by Orion. Occidental Petroleum Corp. has reached a $1.33 billion deal to sell millions of acres of land and mineral rights in Colorado, Wyoming and Utah. These cookies do not store any personal information. Occidental will retain all cash flow from currently producing oil and gas properties on the position, which are primarily cost-free royalties. In this transaction, Orion is acquiring mineral rights to the world’s largest known trona deposit. The total value, inclusive of Parsley debt assumed by Pioneer, is $7.6 billion. “We will retain our core oil and gas assets in the Rockies, including the prolific DJ Basin in Colorado and the highly prospective Powder River Basin in Wyoming.”. “This transaction significantly advances the progress against our $2 billion plus divestiture target for 2020,” said Vicki Hollub, Oxy president and chief executive officer. The sale includes about 4.5 million acres of mineral acres underground and 1 million surface acres in Wyoming, Colorado and Utah. It also needs the cash the unit generates, analysts said. US petroleum demand, as measured by total domestic petroleum deliveries, was 17.9 million b/d in September, which marked the end of the 2020 summer driving season with a decrease of 2.3% month-on-month. August 20, 2020 | Breaking News Occidental Petroleum has entered into an agreement to divest Wyoming, Colorado and Utah land grant assets to Orion Mine Finance for approximately $1.33 billion. It takes a market leader to build a resilient, export grade benchmark – bringing the US market a Brent of its own. Not included in the sale is some 2.5 million mineral acres derived from the land grant in Colorado, including Occidental’s core Denver-Julesburg basin position. This category only includes cookies that ensures basic functionalities and security features of the website. All rights reserved. All quotes delayed a minimum of 15 minutes. Oxy loses $8.4 billion in second quarter battered by coronavirus, Oil firms bring record level of debt to bankruptcy court, Modest increase gives rig count its 6th-straight gain, Transocean to lay off more offshore rig workers, Kamala Harris coming to Texas on Friday, including a stop in Houston, sources say, Federal disaster team sent, overflow hospital set up as COVID surges in El Paso, Woman shot and killed at Texas Renaissance Festival campground, 2 killed after aircraft crashed in a Montgomery County neighborhood, Trump puts oil on the ballot in race to win Texas, Refineries face headwinds as COVID cases rise, Frequent CenterPoint outages happen rain or shine, customers say. Oxy, saddled with debt from its $38 billion acquisition of rival Anadarko Petroleum last year, is looking to sell billions of dollars of assets to pay its debt, but the oil bust has made it increasingly difficult to sell assets in a down market. Oxy to sell Wyoming land grant assets for $1.3 billion, Photo: Gary Fountain, Contributor / For the Chronicle/Gary Fountain. “Acquiring high-quality producing royalties is a core component of our investment strategy and we are thrilled to be partnering with Occidental in this transaction,” Oskar Lewnowski, chief investment officer of Orion, said in the release. Selling minerals, smaller assets and real estate “may help” analysts at Tudor Pickering Holt wrote in a note on Monday. Once the sale closes, the land grants will be held under Sweetwater Royalties, a new base metals and industrial minerals royalty company managed by Orion. The purchase was expected to provide benefits to Wyoming citizens by making it easier to manage public lands in southwestern Wyoming and providing more and better public access for recreation and hunting on the land. New York City-based Orion Mine Finance … The company also was unable to sell its Algerian assets and has taken them off the market. That's bad news for Houston. Occidental is the largest private landowner in Wyoming, said Pete Obermueller, president of the Petroleum Association of Wyoming. By using the shearman.com site you agree to us using cookies for the purpose of data analytics. Houston-based Occidental Petroleum Corp. (NYSE: OXY) is offloading more than 4 million acres of mineral rights and more than 1 million acres of land surface, according to an announcement from Wyoming governor Mark Gordon’s office. HOUSTON (Reuters) - Occidental Petroleum Corp is soliciting bids for oil and gas properties in Wyoming and Colorado that it acquired when it purchased Anadarko Petroleum, hoping the assets will fetch up to $700 million, according to people familiar with the matter.

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