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Thursday, February 13, 2014

Occidental selling U.S. gas assets for $1.4 billion, (NYSE: OXY)

Occidental Petroleum Corp on Thursday said it reached a deal to sell its interests in a large natural gas field in the central United States for a pre-tax price of $1.4 billion, with proceeds earmarked for share repurchases. The buyer was not disclosed.Occidental's interest comprises more than 1.4 million acres in the Hugoton field that spans southwestern Kansas and parts of Oklahoma and Colorado.

Occidental Petroleum Corporation (Occidental) conducts its operations through various subsidiaries and affiliates. Shares of OXY traded higher by 0.09% or $0.08/share to $92.27. In the past year, the shares have traded as low as $77.21 and as high as $99.42. On average, 3837230 shares of OXY exchange hands on a given day and today's volume is recorded at 3705301.