8-KOther Events

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report (Jan 20, 1999)

Filed January 20, 1999For Securities:OXYOXY-WT

Summary

This 8-K filing from Occidental Petroleum Corporation (OXY) on January 20, 1999, primarily concerns the company's entry into a definitive agreement to acquire certain producing oil and gas properties from Mobil Corporation for approximately $800 million. The acquisition is expected to significantly expand OXY's presence in the Gulf of Mexico and bolster its offshore production capabilities. This strategic move represents a substantial investment aimed at growing OXY's reserves and production base, particularly in a key operational area. Investors should monitor the successful integration of these acquired assets and their impact on future financial performance and reserve growth. The financial terms and the operational benefits of this significant acquisition are the central focus for stakeholders.

Key Highlights

  • 1Occidental Petroleum entered into a definitive agreement to acquire producing oil and gas properties from Mobil Corporation.
  • 2The acquisition price is approximately $800 million.
  • 3The acquired properties are primarily located in the Gulf of Mexico.
  • 4This acquisition is expected to significantly expand OXY's offshore production and reserve base.
  • 5The transaction is subject to customary closing conditions.
  • 6This represents a major strategic investment to enhance OXY's operational footprint and production capacity.

Frequently Asked Questions

This filing announces Occidental Petroleum's definitive agreement to acquire specific oil and gas properties from Mobil Corporation for approximately $800 million, aiming to expand its Gulf of Mexico operations.

The acquisition is strategically important as it is expected to significantly grow OXY's reserves and offshore production, particularly in the Gulf of Mexico, thereby strengthening its market position in this key region.

The agreement is for the purchase of producing oil and gas properties from Mobil for an estimated $800 million. The transaction is contingent upon meeting standard closing conditions.

The filing does not specify an exact closing date but indicates it is subject to customary closing conditions, suggesting it would occur after the agreement date.