03:01 PM EDT, 07/25/2024 (MT Newswires) -- Occidental Petroleum ( OXY ) is close to reaching an agreement to sell its Barilla Draw assets in Texas to Permian Resources ( PR ) for an estimated $1 billion, Reuters reported Thursday, citing people familiar with the situation.

The deal is in the final stages and could be announced in the coming weeks, although it's not guaranteed and another bidder for the assets might emerge, the news outlet reported.

Occidental and Permian Resources ( PR ) did not immediately reply to Reuters' comment requests, according to the report.

Neither Occidental nor Permian Resources ( PR ) immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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