07:58 AM EDT, 07/29/2024 (MT Newswires) -- Permian Resources ( PR ) said Monday it has agreed to acquire Occidental Petroleum's ( OXY ) approximately 29,500 net acres and related assets, located primarily in Reeves County, Texas, for $817.5 million.

The assets, including about 9,900 net royalty acres and around 15,000 barrels of oil equivalent per day, will strengthen Permian Resources' ( PR ) existing position and are expected to be accretive to key financial metrics, the company said.

Permian Resources ( PR ) said it will fund the deal "through proceeds from one or more capital markets transactions".

Separately, Occidental said it will use the proceeds to reduce debt, contributing to its ongoing divestiture program.

The deal is set to close by the end of Q3, subject to customary adjustments, the companies said.

Permian Resources' ( PR ) shares fell around 1.2% in recent Monday premarket activity, while Occidental's gained around 0.2%

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