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PS - Oxy to accelerate Midland via $1.5 billion JV with Ecopetrol - August 2019

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Occidental Petroleum is forming a $1.5 billion JV with Colombian national oil company EcoPetrol to develop 97,000 net acres of its Midland Basin leasehold. Ecopetrol will pay $750 million cash and $750 million of carried capital in exchange for a 49% stake in the acreage. Oxy will hold the remaining 51% and serve as operator. During the carry period, Ecopetrol will pay 75% of Oxy’s share of capital expenditures. The transaction is expected to......
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