Occidental to sell some Delaware Basin assets to Permian Resources for $818 mln

U.S. oil and gas producer Occidental Petroleum (OXY.N), opens new tab said on Monday it would sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources (PR.N), opens new tab for about $818 million, as it plans to cut down debt.

It also plans to divest some $152 million worth of assets, bringing its total year-to-date proceeds of closed or announced divestments to $970 million.

Occidental, which is planning to take on additional debt to fund its $12 billion takeover of rival CrownRock, has said it plans to sell up to $6 billion of assets within 18 months of closing the CrownRock deal. Occidental has debt of over $18 billion at the end of the first quarter.