Acquisitions & Divestitures

Occidental Petroleum Corp., Los Angeles, (NYSE: OXY) plans to acquire all of the assets in the Permian Basin of West Texas and New Mexico and Piceance Basin of Colorado held by Plains Exploration & Production Co., Houston, (NYSE: PXP) for $1.25 billion.

Occidental acquired a 50% interest in these properties in 2007, and is purchasing the remainder in this transaction.

Current net production is approximately 4,300 barrels of liquids and 52 million cubic feet of gas per day; for a total of 13,000 barrels of oil equivalent per day. The ...