• 5 hours Conflicting News Spurs Doubt On Aramco IPO
  • 7 hours Exxon Starts Production At New Refinery In Texas
  • 8 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 1 day Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 1 day Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 day China To Take 5% Of Rosneft’s Output In New Deal
  • 1 day UAE Oil Giant Seeks Partnership For Possible IPO
  • 1 day Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 1 day VW Fails To Secure Critical Commodity For EVs
  • 1 day Enbridge Pipeline Expansion Finally Approved
  • 1 day Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 1 day OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Alt Text

Is South America Set For A Gold Rush?

A Chinese gold miner is…

Alt Text

Copper Prices Ignited By Chinese Demand Growth

Copper prices saw some gains…

Occidental to Sell Stake in Largest US Gas Field

California-based oil and gas developer Occidental Petroleum Corporation (OXY) has announced plans to sell a $1.4 billion stake in the largest natural gas field in North America, as the company’s shares take a three-month dive.

Occidental will sell its Hugoton field assets for $1.4 billion as part of the company's effort to boost its quarterly dividend and share repurchase program as the company shares have fallen 4.9% in the last three months.

The company has begun selling off non-core assets, and the Hugoton Field divestment is part of its strategic review to streamline and focus operations where it has depth and scale to better execute its long-term strategy.

The company’s average net production at the field in 2013 was approximately 110 million cubic feet equivalent per day. Some 30% of that was oil, according to the company.

The sale is expected to be completed in the next two months and the buyer remains undisclosed.

The Hugoton field is said to be the largest natural gas field in North America and one of the largest in the world.

The Hugoton properties consist of more than 1.4 million net acres, spanning southwest Kansas, the Oklahoma panhandle, and eastern Colorado.

The company also announced that its Board has raised the dividend by $0.08 to $0.72 per quarter, or an annual rate of $2.88 per share, from the previous annual rate of $2.56 per share.

The Board also has authorized the repurchase of an additional 30 million shares of the company's common stock. The share repurchase authorization remaining at the end of 2013 was 7 million shares.

By Charles Kennedy of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News