face=+Bold; Occidental Petroleum Corp.face=-Bold; , Los Angeles, (NYSE: OXY) and face=+Bold; XTO Energy Inc.face=-Bold; , Houston, (NYSE: XTO) plan to acquire working interests in Texas, New Mexico and Colorado from face=+Bold; Plains Exploration & Production Co.face=-Bold; , Houston, (NYSE: PXP) in separate deals for a total of $1.75 billion.
Oxy will pay $1.55 billion to acquire 50% of Plains' working interests in the Permian Basin in West Texas and New Mexico. Plains will retain a 50% working interest and Oxy will be operator. Total production is approximately 18,000 barrels of oil equivalent per day (9,000 barrels net). Proved reserves as of Dec. 31, 2006, are approximately 91 ...