Plains Sells Properties

The deal is worth $865 million.
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Plains Exploration & Production

(PXP)

agreed to sell oil and gas properties, mostly located in California and Texas, to

Occidental Petroleum

(OXY) - Get Report

for $865 million.

The sale covers the entirety of Plains Exploration's previously announced divestment program, including interests in the Asphalto, Buena Vista and Mt. Poso Fields in the San Joaquin Valley, the Sansinena Field in the Los Angeles Basin, the Pakenham Field in west Texas and various minor properties.

Shares of Plains Exploration were rising $2.20, or 5%, to $46.46.