Occidental Shopping for Buyer for South Texas Oilfield Assets

Occidental Petroleum Corp. is working with Citigroup Inc. to handle the sale of about 180,000 acres of exploration and production assets that hug the border with Mexico in South Texas, according to people familiar with the plans.After exiting its Eagle Ford non-operated properties last year, the Houston-based company is selling the rest of its South Texas assets, from wells to staffed offices, said the people, who asked not to be identified because the matter is confidential. The assets' worth is estimated at $500 million or less, according to one person. Melissa Schoeb, a spokeswoman for Occidental, declined to comment by e-mail. Citigroup spokesman Robert Julavits declined to comment by phone from New York.  Continue reading...

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