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PS - Occidental Highlights - August 07, 2019
Occidental Petroleum is forming a $1.5 billion JV with Colombian national oil company Ecopetrol to develop 97,000 net acres of its Midland Basin leasehold. Ecopetrol will pay $750 million cash and $750 million of carried capital in exchange for a 49% stake in the acreage. Oxy will hold the remaining 51% and serve as operator. During the carry period, EcoPetrol will pay 75% ofOxy’s share of capital expenditures. The transaction is expected to close in......
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