Occidental has agreed to sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources for approximately $818 million and separately completed several dispositions totaling approximately $152 million in 2024. Proceeds from each will go toward reducing debt.

Occidental is selling Permian Resources approximately 27,500 net acres in the Barilla Draw Field of the Delaware Basin in Texas and approximately 2,000 net acres in the Delaware Basin in New Mexico, with combined net production for Q4 2024 estimated at approximately 15,000 boe/d.

The Permian Resources transaction is expected to close in Q3 2024.