Occidental Petroleum Corporation (NYSE: OXY) today announced the initial actions resulting from the Company’s strategic review to streamline and focus operations in order to better execute the Company’s long-term strategy and enhance value for shareholders. The Board of Directors has authorized the following:
- Pursue the sale of a minority interest in the Middle East/North Africa operations in a financially efficient manner. ( See Attachment A. )
- Pursue strategic alternatives for select Midcontinent assets, including oil and gas interests in the Williston Basin, Hugoton Field, Piceance Basin and other Rocky Mountain assets. ( See Attachment B. )
- Sale of a portion of the Company’s 35-percent investment in the General Partner of Plains All-American Pipeline, L.P., resulting in pre-tax proceeds of $1.3 billion. Occidental’s remaining interest in Plains All-American Pipeline, based on the IPO price, is worth approximately $3.4 billion.