Occidental (OXY) Divests Argentine Assets; to Buy Oil, Gas Operations in Texas, North Dakota for $3.2B; Raises Qtr. Dividend by 21% to 46c/Share

Occidental Petroleum (NYSE: OXY) announces that it will divest its oil and gas operations in Argentina to a subsidiary of China Petrochemical Corp. for after-tax proceeds of about $2.5 billion. The company entered into an agreement to purchase oil and gas operations in South Texas and North Dakota for about $3.2 billion. Occidental also announced that it will increase its General Partner ownership in Plains Al-American (NYSE: PAA) to about 35%, and to acquire the remaining 50% joint venture interest in Elk Hills Power Plant. Occidental will also raise its quarterly dividend by 21% to from 38c to 46c per common share. Based on yesterday's closing price of $91.07, the dividend yield moves from 1.67% to 2.02%.... Read more

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