Occidental Petroleum Corp. spending approximately $2 billion for - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Occidental Petroleum Corp. spending approximately $2 billion for Permian Basin resources

Occidental Petroleum Corporation logo (Source: Twitter) Occidental Petroleum Corporation logo (Source: Twitter)
(KWES) -

Occidental Petroleum Corporation announced that they are spending approximately $2 billion to purchase land and other resources around the Permian Basin.

The announcement was made on Monday.

We're told the purchase includes producing and non-producing leasehold acreage in the Permian Basin.

That area includes approximately 35,000 net acres in Reeves and Pecos County in the southern Delaware Basin.

In a press release, Vicki Hollub, President and Chief Executive Officer of Occidental Petroleum Corporation, said, "These transactions further compliment and solidify Occidental's dominant position in the Permian Basin. They leverage our existing infrastructure, utilize our strong balance sheet and create additional operational synergies."

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