Summary
Occidental Petroleum Corporation (OXY) announced an update regarding its divestiture of Anadarko Petroleum Corporation's international assets. While OXY successfully completed the sale of its Mozambique and South Africa assets to Total S.A., the planned sale of Algerian assets to Total will not proceed. Consequently, as the sale of Algerian assets was a condition for the Ghana asset sale, Total has withdrawn its interest in acquiring the Ghana assets. OXY has mutually agreed with Total to waive the obligation to sell and purchase the Ghana assets and now intends to seek other buyers for these assets.
Key Highlights
- 1Occidental Petroleum has terminated the sale of Anadarko's Algerian assets to Total S.A.
- 2Total S.A. has withdrawn its offer to purchase Occidental Petroleum's Ghana assets.
- 3The sale of Mozambique and South Africa assets to Total S.A. has been successfully completed.
- 4Occidental Petroleum will now seek alternative buyers for its Ghana assets.
- 5The agreement regarding Ghana assets was mutually waived by both Occidental and Total.
- 6This filing provides an update on the status of previously announced international asset divestitures.