Occidental announced it has signed an agreement to sell its onshore assets in Colombia to The Carlyle Group for total consideration of approximately $825 million, with $700 million up front and the remainder payable subject to certain production and commodity price targets. The transaction, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Occidental will retain a presence in country with its exploration blocks offshore Colombia.

"Occidental has operated in Colombia, in partnership with Ecopetrol, for more than 40 years and is honored to remain a key partner in driving the country’s energy evolution," said President and CEO Vicki Hollub. "We have expanded our strategic partnership with Ecopetrol to the onshore U.S. and to exploration blocks offshore Colombia. These highly prospective offshore blocks hold tremendous potential that could significantly bolster the country’s energy resources."

Occidental has announced over $2 billion of divestitures in 2020 that are expected to close by year-end and continues to advance additional asset sales.

About Occidental

Occidental (NYSE:OXY) is an international energy company with operations in the United States, Middle East, Africa and Latin America. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ Basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon dioxide management to advance a lower-carbon world.