Global law firm White & Case LLP has advised Occidental Petroleum Corporation on its definitive agreement to sell non-strategic acreage in the Permian Basin to an affiliate of Colgate Energy Partners III, LLC for US$508 million.
The deal includes about 25,000 net acres in the Southern Delaware Basin in Texas, with current production of about 10,000 barrels of oil equivalent per day from about 360 active wells.
The deal is expected to close in the third quarter of 2021.
The White & Case team was led by partners Mingda Zhao and Emery Choi (M&A) and included partner Taylor Pullins (Environmental); partner Chad McCormick and associate Michael Rodgers (Tax); associate Danny Hatch (Project Development and Finance); and associates Ted Seeger and Yuxi Wang (M&A) all in Houston.
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