TTFNF - Occidental Petroleum: Land Sale Falls Flat
The big E&P news of yesterday was Occidental Petroleum (OXY) selling land grant assets in Wyoming, Colorado, and Utah to Orion Mine Finance for $1,333mm. Set to close later this year, the deal will move 4.5mm acres of mineral acres (subsurface) and 1mm surface fee acres located in the Green River Basin over to Orion ownership. Interestingly, Occidental keeps rights to all oil and gas produced on the acreage, obviously a positive considering Oxy is an oil and gas driller.
Why is Orion buying then? Rights to mine trona, perhaps better known as soda ash