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     229  0 Kommentare Occidental Announces Sale of Wyoming, Colorado, and Utah Land Grant Assets to Orion Mine Finance for $1.33 Billion

    HOUSTON, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced it has entered into a purchase and sale agreement to divest Wyoming, Colorado, and Utah Land Grant assets to Orion Mine Finance (Orion) for approximately $1.33 billion. The transaction, which is expected to close in the fourth quarter of 2020, has a footprint of approximately 4.5 million mineral acres and 1 million fee surface acres. Occidental will retain all cash flow from currently producing oil and gas properties on the position, which are primarily cost-free royalties. Not included in the sale is approximately 2.5 million mineral acres derived from the land grant in Colorado, including Occidental’s core DJ Basin position.

    “This transaction significantly advances the progress against our $2 billion plus divestiture target for 2020,” said President and CEO Vicki Hollub. “We will retain our core oil and gas assets in the Rockies, including the prolific DJ Basin in Colorado and the highly prospective Powder River Basin in Wyoming.”

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    In this transaction, Orion is acquiring mineral rights to the world’s largest known trona deposit. Trona is a mineral used to make soda ash, the principal ingredient in baking soda, global glass manufacturing, pollution control systems, as well as other critical chemical applications.

    Oskar Lewnowski, Chief Investment Officer of Orion, said: “Acquiring high-quality producing royalties is a core component of our investment strategy and we are thrilled to be partnering with Occidental in this transaction. This transaction offers significant royalty cash flow from the trona mines and has strong potential for mineral development.” He added, “As a firm we recognize the importance of US mineral and energy production and are pleased to be able to offer our support to the existing world-class operators and their associated communities.”

    The acquired properties will be held under Sweetwater Royalties, a new base metals and industrial minerals royalty company, managed by Orion.

    Occidental was advised by RBC Capital Markets, CBRE Group Inc., and Latham & Watkins, LLP. Orion was advised by Citi and Shearman & Sterling LLP.

    About Occidental

    Occidental is an international energy company with operations in the United States, Middle East, Africa and Latin America. We are the largest onshore oil producer in the U.S., including in the Permian Basin, and a leading offshore producer in the Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon dioxide management to advance a lower-carbon world. Visit oxy.com for more information.

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    Occidental Announces Sale of Wyoming, Colorado, and Utah Land Grant Assets to Orion Mine Finance for $1.33 Billion HOUSTON, Aug. 19, 2020 (GLOBE NEWSWIRE) - Occidental (NYSE: OXY) today announced it has entered into a purchase and sale agreement to divest Wyoming, Colorado, and Utah Land Grant assets to Orion Mine Finance (Orion) for approximately $1.33 …