Occidental Sells $1.3B Stake In Pipeline Partnership

Law360, New York (October 18, 2013, 4:24 PM EDT) -- Occidental Petroleum Inc. said Friday that it will unload a $1.3 billion stake in master limited partnership Plains All American Pipeline LP, one of a series of deals designed to shrink the company's footprint.

California-based Occidental, the biggest oil producer in the U.S., said it would sell a portion of its 35 percent stake in the general partner of Houston-based Plains All American, resulting in pretax proceeds of $1.3 billion. The company said its remaining stake in the MLP is worth approximately $3.4 billion.

Occidental also...
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