Wyoming eyes Oxy assets

摘要

THE state of Wyoming is expected to bid on millions of acres of land and minerals belonging to US independent Occidental Petroleum, which acquired the assets when it purchased Anadarko Petroleum last year. Occidental is working to sell off the acreage as it struggles to meet a $15 billion divestiture target to pare down debt taken on from the Anadarko purchase.However, the company's sales effort has been hampered by the Covid-19 pandemic and drop in oil prices. Occidental anticipates writing down up to $9 billion in assets in the second quarter, which would make it a third straight quarter of booking impairment charges. In a hearing on Monday, Wyoming's State Loan & Investment Board voted unanimously to bid on the assets, according to local reports. The board has the authority to approve the terms of the deal if the state is successful in submitting the winning bid, and Reuters reported the board will vote to hold four public hearings throughout the state to discuss any potential purchase. Wyoming Governor Mark Gordon late last year had indicated interest in purchasing the package but has been required to hold several public hearings within the state legislature since then in order to submit a bid to Occidental.