The jack up unit mobilized to the field in early September. “Had Wyoming’s bid been accepted, the rate of return was expected to be in the range of 8% to 12%, depending on the assets and how quickly the economy recovers.

Shearman & Sterling advised Orion Mine Finance on its agreement to acquire Occidental Petroleum Corporation’s (Oxy) Wyoming, Colorado and Utah Land Grant assets for about $1.33 billion. She declined to comment on the sale of Wyoming and Colorado assets. Occidental Petroleum Corp. has agreed to sell Wyoming, Colorado, and Utah land grant assets to Orion Mine Finance for $1.33 billion. Necessary cookies are absolutely essential for the website to function properly. Orion Resource Partners specializes in institutional metals and mining investment strategies in the base and precious metals space. “This transaction offers significant royalty cash flow from the trona mines and has strong potential for mineral development.”. Occidental put the property up for sale earlier this year and the state of Wyoming bid $1.2 billion for it and Orion topped that bid. The transaction, which is expected to close in the fourth quarter of 2020, has a footprint of 4.5 million mineral acres and 1 million fee surface acres. Occidental will retain all cash flow from currently producing oil and gas properties on the position, which are primarily cost-free royalties. Vale Will Move Forward With Serra Sul Project, Nevada Copper Restarts Production at Pumpkin Hollow, This website uses cookies to improve site functionality and to provide you with a better browsing experience. It was also seen as a way to give Wyoming more flexibility to manage the land for multiple uses, including grazing and the development traditional and non-traditional energy resources. The transaction, which is expected to close in this year’s fourth quarter, has a footprint of about 4.5 million mineral acres and 1 million fee surface acres. Mark Gordon’s office announced last week that its bid for the Occidental land was on hold, as the company was in negotiations with another bidder whose name wasn’t announced at the time. This predicted rate of return is currently better than our current average rate of return.”. The U.S. government granted to the Union Pacific railroad every other section of land for 12 miles on both the north and south sides of the original Transcontinental Railroad as an incentive to build it. Occidental is the first U.S. oil and gas company to endorse the World Bank’s "Zero Routine Flaring by 2030" initiative to reduce greenhouse gas emissions and utilize a valuable energy resource. US petroleum demand, as measured by total domestic petroleum deliveries, was 17.9 million b/d in September, which marked the end of the 2020 summer driving season with a decrease of 2.3% month-on-month. “However, we believe our existing investment opportunities will also serve the needs of the state and its constituents. OXY WOES: Oxy loses $8.4 billion in second quarter battered by coronavirus. The transaction will amount to approximately $1.33 billion and is … Paul Takahashi is a business reporter for the Houston Chronicle.

Tullow Oil PLC expects to close its sale of Ugandan assets to Total in the coming days following recent governmental approvals. New York City-based Orion Mine Finance … Detailed information on the use of cookies on this site, and how you can decline them, is provided in our, The Mining Business Pauses to Catch Its Breath, Peabody Energy Announces 2009 Production Cutbacks, E&MJ’s Annual Survey of Global Mining Investment, Senior Manager of Acacia Mining Faces Tax Evasion, Money Laundering Charges, New Year, Newly Minted Gold Mining Company, Mackay School of Mines Dedicates Mine Ventilation Lab to Newmont, FLSmidth Launches New Service Center in Chile. Article content. Occidental Petroleum 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.

Oxy to sell Wyoming land grant assets for $1.3 billion, Photo: Gary Fountain, Contributor / For the Chronicle/Gary Fountain. Last week, it said it would cut 2020 capital spending by about 40%, reducing spending in Colorado and Texas. Occidental Petroleum ended weeks of anticipation Wednesday when the company announced that it would sell land grant assets in Wyoming, Colorado and Utah to Orion Mine Finance.

Occidental will retain all cash flow from currently producing oil and gas properties on the position, which are primarily cost-free royalties. Backed by a market-leading methodology and an objective view, you can move forward with confidence.

The lion’s share of the property — originally part of the 1862 federal land grant to the Union Pacific Railroad — is in Wyoming, where Occidental is that state’s largest private landowner. “This transaction significantly advances the progress against our $2 billion plus divestiture target for 2020,” Occidental President and CEO Vicki Hollub in a company news release. The oil industry is consolidating. Including Concho’s net debt of $3.9 billion, the deal value is $13.6 billion.


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