KERM'S KORNER Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KERM'S KORNER

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Kerm Yerman who wrote (8715)	1/28/1998 10:27:00 PM
From: Arnie	of 15196

PROPERTY DISPOSITION / Occidental Pet. to sell Venezuela Oil Operation LOS ANGELES, Jan. 28 /CNW/ -- Occidental Petroleum Corporation (NYSE: OXY) announced today that is has agreed to sell 100 percent of the stock of Compania Occidental de Hidrocarburos, which holds Occidental's interest in the DZO Block oilfield-development project in Venezuela, to Union Texas Petroleum Holdings for approximately $204.5 million in cash plus payments of up to $90 million over six years based on oil prices. The sale is expected to close within two weeks. Dr. Ray R. Irani, chairman and chief executive officer, said, "With this transaction and the sale of MidCon, we are more than 70 percent of the way toward meeting our target of $4.6 billion in asset sales to fund the purchase of the Elk Hills field and our $1 billion common stock repurchase program." Since Occidental took over as operator of the DZO Block in late 1993, it has increased production fivefold to an average of 25,000 barrels per day.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next