Oxy acquires South Texas assets from Shell for US$1.8 billion
Oxy is to acquire assets in South Texas from Shell for US$1.8 billion. The gas-weighted assets produce 200 mmcfed from 550 wells targeting the Frio and Vicksburg formations. Oxy will also acquire associated midstream interests. Wood Mackenzie values the upstream assets at US$1.6 billion (NPV10, discounted to 1 January 2011). This deal represents another step in Oxy's wider move to re-focus its long-term strategy domestically. The US$5.3 billion of US asset acquisitions in 2010 is ...