• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 2 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 2 hours Renewables provided only about 4% of total global energy needs in 2018
  • 2 days Iran Captures British Tanker sailing through Straits of Hormuz
  • 2 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 20 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 3 days Today in Energy
  • 6 hours Shale Oil will it self destruct?
  • 3 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 4 hours N.Y. Governor Signs Climate Bill
  • 3 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 1 day Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 13 hours U.S. Administration Moves To End Asylum Protections For Central Americans
Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

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




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play