PE-Backed Colgate Buys Oxy Permian Assets

摘要

Private equity-backed Colgate Energy Partners III has agreed to acquire a chunk of Occidental Petroleum's assets in the Permian Basin for $508 million, marking the second expansion of its Permian portfolio in the last two weeks. Colgate's deal with Oxy, announced on Thursday, adds about 25,000 net acres adjacent to its existing position in Reeves and Ward Counties in the southern Delaware subbasin of the Permian. The acquired acreage has current production of about 10,000 barrels of oil equivalent per day, according to Colgate. The deal is expected to close in the third quarter.