July 29 - U.S. oil and gas producer Occidental Petroleum ( OXY )

said on Monday it would sell certain Delaware Basin

assets in

Texas and New Mexico to Permian Resources ( PR ) for about $818

million, as it plans to cut down debt.

It also plans to divest some $152 million worth of assets,

bringing its total year-to-date proceeds of closed or announced

divestments to $970 million.

Occidental, which is planning to take on additional debt to

fund its $12 billion takeover of rival CrownRock, has said it

plans to sell up to $6 billion of assets within 18 months of

closing the CrownRock deal. Occidental has debt of over $18

billion at the end of the first quarter.

Berkshire Hathaway ( BRK/A ) owns a nearly 29% stake in

Occidental.

The deal with Permian Resources ( PR ), reported by Reuters last

week, would consist of a total of 29,500 net acres in the

Barilla Draw Field of the Permian Basin, the largest shale oil

belt in the world, potentially boosting Permian Resources' ( PR )

output by estimated combined net production of 15,000 barrels of

oil equivalent per day (boepd) in the fourth quarter of 2024.

The Permian Resources ( PR ) deal is expected to close in the third

quarter of 2024. A takeover of the Barilla Draw assets would be

its largest since the company clinched a $4.5 billion deal for

rival Earthstone Energy last year.

Permian Resources ( PR ) plans to report its second-quarter

earnings on Aug.6, while Occidental is scheduled to announce it

results on Aug. 8.