Occidental Petroleum Reaches a Deal to Sell its Onshore Assets in Colombia

Occidental Petroleum (NYSE: OXY) announced today that it has agreed to sell its onshore assets in Colombia to private equity giant The Carlyle Group (NASDAQ: CG). The oil company will receive up to $825 million for the assets, with $700 million coming at closing and the remainder subject to production and commodity price targets. Occidental Petroleum is including its operations and working interest in the Llanos Norte, Middle Magdalena, and Putumayo Basins, which are part of a partnership with the country's state oil company Ecopetrol (NYSE: EC).