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Occidental Plans to Shed Assets

Occidental Petroleum (NYSE:OXY) said Friday it plans to shed some of its assets and reduce its stake in Plains All-American Pipeline (NYSE:PAA), taking its first steps as part of a strategic review.The Los Angeles-based energy producer has seen production climb recently after expanding its footprint in the U.S. But falling energy prices have put pressure on Occidental to focus on more profitable businesses.Other oil and gas companies, such as Hess (NYSE:HES), Murphy Oil (NYSE:MUR) and Valero Energy (NYSE:VLO), have also turned to asset sales or spinoffs.Occidental indicated it will look to sell a minority interest in its Middle East and North America operations. It will also pursue strategic alternatives for certain Midcontinent assets, such as oil and gas interests in the Williston Basin, Hugoton Field, Piceance Basin and other Rocky Mountain assets.Occidental expects proceeds of $1.3 billion from the sale of a piece of its 35% investment in Plains All-American Pipeline's general part...

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  1. Murphy Oil to Build 200 Fuel Stations at Existing Wal-Mart Supercenters

    Murphy Oil Corp. (MUR) agreed to build more than 200 new fuel stations over the next three years at existing Wal-Mart Stores Inc. (WMT) supercenters as it continues ...

  2. Murphy Oil Unveils $250 Million Accelerated Share-Repurchase Deal

    Murphy Oil Corp. (MUR) said it has entered into an accelerated share-repurchase agreement with J.P. Morgan Chase & Co. (JPM) to buy back $250 million of the oil-and-...

  3. Corporate Treasurers Rush to Beat the Clock

    Debt issuance from high-grade companies was set to top $100 billion in November on Tuesday as cautious treasurers move to feed a hungry market and act fast in case b...

  4. Shell Upgrades Schiehallion Field Stake, Sells Seal Area Interest to Murphy

    Royal Dutch Shell (RDSA.LN) announced Wednesday that it agreed to buy Murphy Schiehallion Ltd.'s 5.9% stake in the Schiehallion field west of Shetlands, and to sell ...

  5. Murphy Oil to Spin Off U.S. Downstream Business

    FBN’s Cheryl Casone on Murphy Oil announcing it would spin off its downstream business in the U.S.

  6. NFL Owners Approve Sale of Cleveland Browns

    FBN’s Lori Rothman on the sale of the Cleveland Browns to Jimmy Haslam III.

  7. Murphy Oil Rallies 7% On Spin-off, Dividend

    Murphy Oil Corp. shares jumped 7% in premarket trades Tuesday after it said it'll spin off to its shareholders its U.S. refining and marketing unit, Murphy Oil USA, ...

  8. Investors Bullish on Murphy's Oil

    FBN's Adam Shapiro breaks down late-afternoon market news.

  9. Chevron Weighs On DJIA; Energy Stocks Drop

    Shares of Chevron Corp. fell 2.5% as the worst-performing component of the Dow Jones Industrial Average on Wednesday after the oil major said its third-quarter profi...

  10. Murphy Oil Price Hiked On Third Point Action

    Analysts at Deutsche Bank on Friday hiked their price target on Murphy Oil Corp. to $62 a share from $56 a share after hedge fund Third Point issued a letter to inve...

  11. Applied Materials to Cut as Many as 1,300 Jobs

    FBN’s Robert Gray on Applied Materials cutting as many as 1,300 jobs from its global workforce.

  12. Malaysia Gumusut Field Starts to Pump Oil - Reuters

    Malaysia has started pumping oil from the Gumusut deepwater oilfield off the eastern state of Sabah, Reuters reported on its website, citing unnamed people familiar ...

  1. Murphy Oil Swings to Fourth-Quarter Profit on Tax Benefits, Lower Impairment

    Murphy Oil Corp. (MUR) swung to a fourth-quarter profit as income-tax benefits helped the oil-and-gas producer's results and as impairment expenses fell.However, sha...

  2. Murphy Oil Swings To Profit

    Murphy Oil Corp. , citing lower impairment costs and overseas tax benefits, reported late Wednesday a fourth-quarter profit of $158.7 million, or 82 cents a share, r...

  3. Activist Investor Elliott Management Seeking to Remake Hess

    Elliott Management Corp. confirmed it is seeking five seats on Hess Corp.'s (HES) board in order to push the company to separate its assets in the oil-rich Bakken Sh...

  4. WEEK AHEAD: Earnings Reporting to Continue with Tech, Energy

    As earnings season continues, a big set of technology and energy companies are scheduled to report results. Additionally, several data reports, including the always ...

  5. Herbalife isn't Dan Loeb's Only Stock; ETFs for Third Point

    Third Point Capital founder Dan Loeb has been getting plenty of press these days. After taking an 8.2 percent stake in controversial and embattled Herbalife (NYSE:HL...

  6. Murphy Reaches Deal With Wal-Mart

    FBN’s Tracy Byrnes on Murphy Oil ’s deal to build gas stations at more than 200 Wal-Mart Supercenters.

  7. Murphy Oil , Wal-Mart Ink Deal to Build 200 Gas Stations

    FBN’s Tracy Byrnes with a morning market update, and news that Murphy Oil has agreed to build more than 200 gas stations at existing Wal-Mart stores.

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