Occidental Petroleum has announced that it has agreed to acquire Altura Energy, the largest oil producer in the State of Texas. Altura is a limited partnership owned by BP Amoco and Royal Dutch/Shell (through Shell Oil). The transaction is valued at $3.6 billion, including $1.2 billion to be invested by Occidental. Occidental will become the managing general partner controlling 100 percent of Altura’s assets, while BP Amoco and Royal Dutch/Shell will continue to provide credit support.
Previously, ARCO had announced that it had reached an agreement to sell its ownership in ARCO Long Beach to Occidental Petroleum as part of ARCO’s worldwide restructuring started in 1998. ARCO has already exchanged its other California exploration and production interests for properties in the Gulf of Mexico.
The following table shows publicly available EIA and company data for the merger. The table is similar to data presentations that have been previously requested from EIA for other significant energy company mergers and/or corporate alliances.
U.S. Oil and Gas Production
Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration, April 18, 2000
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National Energy Information CenterURL: http://www.eia.doe.gov/emeu/finance/mergers/oxyindex.html
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