December 2010 Vol. 237 No. 12


Occidental Petroleum to Divest Argentine Assets, Purchase New U.S. Assets, Increase Dividend

Occidental Petroleum Corporation today announced it has executed an agreement with a subsidiary of China Petrochemical Corporation (Sinopec) to sell Occidental’s Argentine oil and gas operations for after-tax proceeds of approximately $2.5 billion. Occidental also announced that it had executed agreements to purchase oil and gas properties in South Texas and North Dakota for about $3.2 billion. Additionally, Occidental announced that it has signed an agreement to increase its General Partner ownership in Plains All-American to approximately 35 percent; and it has agreed to acquire the remaining 50 percent joint venture interest in the Elk Hills Power Plant. Occidental ex

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