Occidental Petroleum sells DJ Basin mineral position to Elk Range Royalties

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Occidental Petroleum sells DJ Basin mineral position to Elk Range Royalties

, Reuters - 3:09 PM ET 3/21/2025 default

March 21 (Reuters) - Occidental Petroleum ( OXY ) on Friday closed the sale of its mineral and royalty rights, spanning nearly 250,000 acres in the Denver-Julesburg (DJ) Basin in Colorado, to Elk Range Royalties for $905 million.

The assets are being developed by operators, including Chevron ( CVX ) and Civitas, who collectively accounted for more than half of the wells drilled in 2024, Elk Range Royalties said in a statement.

Occidental, in its fourth-quarter earnings report, disclosed that it would divest a portion of its upstream assets, including non-operated assets in the Rockies and Permian assets not included in its near-term development plan, for a total of $1.2 billion.

The company plans to use the proceeds from these asset sales to lower its debt, which increased following its $12 billion purchase of privately-held CrownRock in August last year.

For the quarter ended December 31, 2024, Occidental reported a net long-term debt of $24.98 billion. (Reporting by Pooja Menon in Bengaluru; Editing by Mohammed Safi Shamsi)

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