occidental petroleum land sale wyoming

(Wyoming PBS, Youtube) Occidental Petroleum has announced that it is negotiating with a bidder for the millions of acres of land grant properties offered for sale earlier this year in southern Wyoming. WELD COUNTY — The largest oil producer by volume in Weld County is soliciting bids for a major sale of land and mineral rights across Utah, Wyoming and Colorado as it tries to reduce a major pile of debt. Troubled Occidental Petroleum Corp has given the state of Wyoming until July 8 to bid on the land and minerals it is selling in Wyoming and Colorado, the Wyoming governor's office said. Houston-based Occidental Petroleum Corp. (NYSE: OXY) said it had agreed to sell 5.5 million acres of land and mineral acreage in Utah, Colorado and Wyoming to New York-based Orion Mine Finance for $1.33 billion. However, the company said it retained about 2.5 million mineral acres in Colorado for its continued energy production. Oxy plans to sell its Wyoming land grant assets to Orion Mine Finance for around $1.3 billion, a boon for the debt-addled Houston independent. “That bidder is not the State of Wyoming, but as these are only negotiations the situation could change,” an announcement from Governor Mark Gordon’s office said Tuesday afternoon. The state of Wyoming will bid on a package of land and minerals in Wyoming and Colorado owned by troubled Occidental Petroleum Corp, public officials agreed on Monday. Occidental Petroleum CEO Vicki Hollub.

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