Houston-based Occidental Petroleum has put its North Dakota assets on the block for $3 billion.
The company enlisted Houston-based investment bank Tudor Pickering Holt & Co. to sell its 335,000 net drilling acres in the Williston Basin’s Bakken, Three Forks, and Pronghorn reservoirs.
The sale is part of Occidental’s restructuring plan to focus on regions that have been more profitable for the company.
Occidental’s second quarter production at its mid-continent assets, including its North Dakota sites, was 44,000 barrels of oil equivalent per day compared to production levels of 115,000 boepd in California and 191,000 boepd in the Permian Basin region.
Last week, Occidental’s board of directors approved the spin off of the company’s California oil and gas business into an independent and separately traded company.
The company will be called California Resources Corporation.
Occidental is also looking to sell up to a 40 percent stake in its Middle East and North Africa assets that could be worth as much as $8 billion.