Occidental Petroleum Corp., the U.S. oil producer that is restructuring to focus on its most profitable operations, is seeking to sell oil assets in North Dakota for as much as $3 billion, people with knowledge of the matter said.
Occidental is working with investment bank Tudor Pickering Holt & Co. to sell about 335,000 net drilling acres in the Williston Basin, said the people, who asked not to be identified because they were discussing private information. The holdings include a part of North Dakota’s Bakken formation, an area that has been less successful for Occidental because of higher costs, though it’s one of the fastest-growing oil-producing regions in the U.S.
