Occidental Petroleum plans to add up to two more drilling rigs in the Permian Basin later this year after low oil prices prompted it to dial down activity there during the first half of the year. Chief Executive Vicki Hollub said the company -- already the largest oil producer in the prolific basin -- also wants to expand its enhanced oil recovery (EOR) and tight oil businesses in the West Texas and southeastern New Mexico play via acquisitions. Speaking during Oxy's second-quarter earnings call, Hollub said the company is more likely to buy assets than another company. However, she tempered her comments by adding that asset prices look "excessive" in relation to current oil prices.
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