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America Based Occidental Petroleum Stock Crashes

America based Occidental Petroleum Corp. shares were unchanged Friday. This proved to be an all-around great trading session for the Stock market, with the S&P 500 Index SPX rising 0.19% to 4,247.44 and the Dow Jones Industrial Average DJIA rising 0.04% to 34,479.60.

Occidental Petroleum Corp. closed $4.19 below its 52-week high ($32.52), which the company reached on March 5th. The Stock outperformed some of its competitors Friday, as Exxon Mobil Corp. XOM fell 0.92% to $62.17, Chevron Corp. CVX fell 0.46% to $107.91, and ConocoPhillips COP fell 0.33% to $59.97.Occidental Petroleum Corp trading volume (10.8 M) remained 6.1 million below its 50-day average volume of 16.9 M. Occidental Petroleum said on Thursday it would sell some of its acreages in Texas’ Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million.

In a company statement, Colgate Co-CEO Will Hickey said that this is a transformational deal that checks all of the boxes of its acquisition criteria. The acquired acreage is adjacent to Colgate’s existing location in Reeves and Ward Counties and the company expects to have a five- to the six-rig program running by the end of the year, bringing its total production for 2022 to about 75,000 barrels per day.

This transaction brings our post-Colombia divestiture total to over $1.3 billion of the planned $2 billion to $3 billion, and since August 2019 we have divested more than $9 billion of assets. Occidental sold its onshore assets in Colombia in 2020.

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