Occidental, BP to swap oil, gas assets
Occidental Petroleum Corp. and London-based BP will swap oil and natural-gas assets in the Permian Basin and the Gulf of Mexico.
Occidental will get BP assets that include the Seminole San Andres unit and Sheep Mountain as well as numerous interests in the Cowden area that are adjacent to and complement its assets in the Permian Basin of West Texas and New Mexico, the Westwood-based company said.
BP will receive Occidental’s one-third interest in the Horn Mountain property in the Gulf of Mexico. BP will receive a net cash payment of about $100 million from Occidental.
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