Occidental Petroleum Corp. (OXY) said Monday it informed Total S.A. (FP.FR) that it would not be in position to sell its Anadarko assets in Algeria, as part of an understanding with Algerian authorities on the transfer of Anadarko's interests to Occidental. The energy company had completed its acquisition of Anadarko Petroleum Corp. in August 2019. Also in August, Occidental and Total had entered into a an agreement for Total to buy Anadarko's assets in Africa. Separately, Occidental said it was informed by Total that Total was not interested in buying Anadarko's interests in Ghana "in the current circumstances." Occidental said the company's have entered into an agreement in which Occidental can start marketing its Ghana assets to third parties. Occidental's stock shot up 6.5% in premarket trading on Total shares surged 8.2%. Over the past three months through Friday, Occidental's stock has tumbled 66.8%, Total shares have shed 32.1% and the S&P 500 has lost 15.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 18, 2020 10:26 ET (14:26 GMT)
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