White & Case Leads $825M Occidental Asset Sale To Carlyle

Law360 (October 1, 2020, 11:15 PM EDT) -- Occidental said Thursday that it will sell off its onshore assets in Colombia to The Carlyle Group for up to $825 million with guidance from White & Case LLP, the latest of the energy giant's planned $2 billion worth in divestitures this year.

Occidental Petroleum Corp. said it will sell the assets for $700 million upfront, with the remaining $125 million subject to production targets and commodity prices. The Colombia operations produce about 33,000 barrels of oil per day, and the assets include six areas of production and eight areas for exploration, according to The Carlyle Group's announcement of the deal....

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