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Occidental Petroleum (OXY) Announces West Texas and Piceance Acquisitions

Occidental Petroleum Corporation (NYSE: OXY) announced the signing of a definitive purchase and sale agreement with Plains Exploration & Production Company (NYSE: PXP) to purchase all of PXP's interests in the Permian Basin of West Texas and New Mexico and Piceance Basin of Colorado for $1.25 billion.

In a transaction that was announced last year, Occidental acquired a 50% interest in these properties, and is purchasing the remainder in this transaction. Closing of this transaction is expected in the fourth quarter and is subject to government approvals.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions.

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