PXP sells 1.75 billion dollars properties to reduce debt

Oil and gas producer Plains Exploration & Production Co. said Monday it agreed to sell $1.75 billion in oil and gas properties to subsidiaries of Occidental Petroleum Corp. and XTO Energy Inc.

Proceeds from the sale will be used to reduce debt.

PXP is an independent oil and gas company primarily engaged in the upstream activities of acquiring, developing, exploiting, exploring and producing oil and gas in its core areas of operation: onshore and offshore California, Rockies, Permian Basin, Texas Panhandle, South Texas and the Gulf Coast region of the United States. PXP is headquartered in Houston, Texas.

Occidental Petroleum Corporation ("Oxy") is an international oil and gas exploration and production company with operations in the United States, the Middle East, North Africa, and South America. The company nickname “Oxy” began in 1964 in reference to Occidental’s NYSE stock ticker. Headquartered in Los Angeles, California, Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy is the largest oil producer in Texas and the largest natural gas producer in California, with additional operations in Kansas, Oklahoma, Colorado and New Mexico.

XTO Energy is an American Fortune 500 and S&P 500 energy producing company. Its primary products are oil and natural gas. It is based in Ft. Worth, Texas and its current CEO is Bob R. Simpson.The company was founded in 1986.

Source: agencies

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