Fox Business - The Power to Prosper
Search Site

Ray Irani

Occidental Petroleum Divests Argentinean Unit, Ups Dividend

Occidental Petroleum (NYSE:OXY) is selling its Argentine oil and gas operations to a China Petrochemical subsidiary for about $2.5 billion, allowing it to purchase new properties in the U.S. and increase its quarterly dividend. The Los Angeles-based oil and gas company has inked deals to purchase oil and gas properties in South Texas and North Dakota for about $3.2 billionIts South Texas properties, totaling some 200 million cubic feet per day of gas equivalent, will be purchased from long-time holder Shell for about $1.8 billion, while its North Dakota purchase will include 180,000 net contiguous acres, with some 5,500 billion oil equivalent per day, from a private seller for about $1.4 billion. The US gas company has also signed an agreement to increase its general partner ownership in Plains All-American (NYSE:PAA) to 35%, while at the same time acquiring the remaining 50% stake from Sempra Energy (NYSE:SRE) in the Elk Hills Power Plant.Pending regulatory approvals, Occidental said ...

Read More

  1. Occidental Petroleum CEO Irani to Step Down, Current COO Chazen Named Successor

    Occidental Petroleum’s ( OXY ) current chief executive Dr. Ray R. Irani is voluntarily giving up the stop spot, though he is staying on board full-time as executive ...

Freebase CC-BY
Source: Ray Irani on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL