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Monday, October 6, 2014

Occidental looks to sell North Dakota assets for $3 billion -Bloomberg, (NYSE: OXY)

Occidental Petroleum Corp, the fourth-largest U.S. oil and gas producer by market capitalization, is looking to sell its North Dakota oil assets for as much as $3 billion as the company seeks to focus on profitable regions, Bloomberg reported on Monday. The company is looking to sell about 335,000 net drilling acres in the Williston Basin and is working with Tudor Pickering Holt & Co in connection with the sale, Bloomberg reported, citing people with knowledge of the matter.Occidental Petroleum said last week that its board of directors had approved the spin-off of its California oil and natural gas business to its shareholders.The company has increased its focus on production from fields in the Permian Basin in Texas and New Mexico.Occidental Petroleum and Tudor Pickering Holt & Co were both not immediately available for comment.

Occidental Petroleum Corporation (Occidental) conducts its operations through various subsidiaries and affiliates. Shares of OXY traded higher by 1.17% or $1.12/share to $97.08. In the past year, the shares have traded as low as $85.90 and as high as $105.64. On average, 3537270 shares of OXY exchange hands on a given day and today's volume is recorded at 4987800.