Occidental Petroleum Corp. is on track to sell $15 billion in assets after closing its stake sales.
The company completed the $3.9 billion sale of its stake in the Mozambique liquefied natural gas project to TOTAL SA and closed the sale of its holdings in Plains All American Pipeline LP and Plains GP Holdings LP for $650 million, according to a Sept. 30 news release. Occidental Petroleum had acquired a 26.5% stake in the Mozambique LNG project through its $55 billion merger with Anadarko Petroleum Corp.
Asset sales now total about $10 billion due to the completion of recent initiatives, President and CEO Vicki Hollub said in the statement.
Occidental Petroleum and Ecopetrol SA also created a joint venture to develop Occidental Petroleum's Midland Basin assets, in which Ecopetrol will pay $750 million in cash and $750 million in carried capital for a 49% stake. The deal is expected to be completed before year-end.
