Where can I get more information about Occidental Buy Rest Plains?
Occidental Petroleum Corp. agreed to buy out Plains Exploration & Production Co.’s stakes in two jointly operated Midwest oil and gas fields for $1.25 billion. This latest deal comes after Occidental purchased a 10 percent stake in Plains All American Pipeline LP’s (NYSE: PAA | Quote | Chart | News | PowerRating) general partner for an undisclosed amount this past July, and a 15 percent interest in Alberta’s Joslyn Oil Sands Project for $492.1 million this past June. Occidental currently owns 50 percent of the Midwest properties, which include the Permian Basin in west Texas and New Mexico, and the Piceance Basin in Colorado. Sources: http://www.tradingmarkets.com/.
Occidental to buy Plains Exploration’s interests in Texas, Colorado for $1.55B NEW YORK (Thomson Financial) – Occidental Petroleum Corp. Monday said it has agreed to buy 50% of Plains Exploration & Production Co.’s working interests in oil and gas properties located in West Texas and Colorado for $1.55 billion. Occidental expects to be named the operator of the Permian Basin asset in West Texas and New Mexico, while PXP will remain the operator of the Piceance Basin asset in Colorado, Occidental said. The transaction is expected to close in the first quarter. Occidental shares closed at $71 on Friday. PXP shares closed at $54.30. Sources: www.forbes.com/feeds/afx/2007/12/17/afx4446977.
