LAVCA VC
  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • #changetheratio
  • Engage
    • VC Council
    • VC Members
  • LAVCA
  • Member Login
  • Member Access

LAVCA VC

  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • #changetheratio
  • Engage
    • VC Council
    • VC Members
  • LAVCA

The Carlyle Group to Acquire Occidental’s Onshore Assets in Colombia for US$825m

October 1, 2020

The Carlyle Group has agreed to acquire Occidental’s onshore assets in Colombia for USD825m. The transaction is expected to close in Q4 2020.

(Press Release) Occidental (NYSE: OXY) today announced it has signed an agreement to sell its onshore assets in Colombia to The Carlyle Group for total consideration of approximately $825 million, with $700 million up front and the remainder payable subject to certain production and commodity price targets. The transaction, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Occidental will retain a presence in country with its exploration blocks offshore Colombia.

“Occidental has operated in Colombia, in partnership with Ecopetrol, for more than 40 years and is honored to remain a key partner in driving the country’s energy evolution,” said President and CEO Vicki Hollub. “We have expanded our strategic partnership with Ecopetrol to the onshore U.S. and to exploration blocks offshore Colombia. These highly prospective offshore blocks hold tremendous potential that could significantly bolster the country’s energy resources.”

Occidental has announced over $2 billion of divestitures in 2020 that are expected to close by year-end and continues to advance additional asset sales.

About Occidental

Occidental is an international energy company with operations in the United States, Middle East, Africa and Latin America. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ Basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon dioxide management to advance a lower-carbon world. Visit oxy.com for more information.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties that could materially affect liquidity, cash flows, expected results of operations and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in response to the pandemic; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to consummate the transaction with The Carlyle Group, including obtaining any required regulatory approvals; Occidental’s ability to successfully monetize select assets, repay or refinance its debt and the impact of changes in Occidental’s credit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas and natural gas liquids reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; governmental actions and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deepwater and onshore drilling and permitting regulations, and environmental regulation (including regulations related to climate change); environmental risks and liability under international, provincial, federal, regional, state, tribal, local and foreign environmental laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; reorganization or restructuring of Occidental’s operations; changes in state, federal or foreign tax rates; and actions by third parties that are beyond Occidental’s control.

Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, as a result of new information, future events or otherwise. Factors that could cause actual results to differ and that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of Occidental’s Annual Report on Form 10-K for the year ended December 31, 2019, and in Occidental’s other filings with the U.S. Securities and Exchange Commission.

The Carlyle Group to Acquire Occidental’s Onshore Assets in Colombia for US$825m was last modified: October 13th, 2020 by Editor
ColombiaEcopetrolEnergyGasOccidentalOilOIl & GasThe Carlyle GroupVicki Hollub
0
Facebook Twitter Google +

LatAm Venture Bulletin

LatAm Venture Bulletin

The LatAm Venture Bulletin is a must-read roundup of startup deals and news on emerging technologies in Latin America, delivered to over 6,000+ investors, entrepreneurs, and corporates bi-weekly.

Asset Class *


VC Partner Events

    Tweets

    • 📢Exciting news to kick off 2021: Nicolás Szekasy of @KaszekVentures was appointed LAVCA Board Chair; Juan Alberto L… https://t.co/k6xlZQ0GKi

      21-Jan-2021

      Reply Retweet Favorite
    • READ latest deal case featuring Aqua Capital's investment in 🇧🇷Brazil-based agribusiness/animal feed additives comp… https://t.co/vAgqJSEPRm

      22-Dec-2020

      Reply Retweet Favorite
    • 🚀LAVCA's #VC #femaleinvestors lists are out: ♀️ Top #Women Investing &⭐Emerging Women Investors in #LatinAmerica… https://t.co/D6bpZqL9LO

      10-Dec-2020

      Reply Retweet Favorite
    • #HappeningNow LAVCA's CEO @ivonnecuello sharing #LatAm #Tech sectors leading, #leapfrogging, & #Socialimpact data.… https://t.co/Bt2sgRQOFm

      11-Nov-2020

      Reply Retweet Favorite
    • 👩‍💻#weXchange2020 LAVCA's Executive Advisor y @CapriaVC 's Venture Partner @RoblesSusanaro y @NXTPvc's Managing Par… https://t.co/F7Fm1EOxZO

      11-Nov-2020

      Reply Retweet Favorite

    Submit VC News

    Have private equity or venture capital related news that you would like to share? Submit your press releases and news to news@lavca.org.

    VC Industry News

    • SoftBank Group and Dynamo Lead US$190m Series E in Brazilian E-commerce MadeiraMadeira

      January 7, 2021
    • Oria Capital Invests R$40m in Brazilian Analytics Platform Knewin (em português)

      January 5, 2021
    • QED Investors Leads US$17.5m Series A in Chilean Insurtech Betterfly (formerly Burn to Give)

      December 31, 2020
    • Amplify Partners Leads US$8.5m Series A in Media Production Platform RunwayML

      December 30, 2020
    • IDB Invest, HBM Healthcare, and Morgan Rio Capital Invest US$18m in Colombian Healthtech Farmalisto (en español)

      December 24, 2020
    • SP Ventures Reaches R$130m Second Close for AgVentures II

      December 22, 2020
    • Darwin Capital and Angels Invest R$12m in Brazilian Neobank Linker (em português)

      December 21, 2020
    • monashees Leads R$30m Round in Brazilian Fintech Nomad (em português)

      December 20, 2020
    • Microsoft’s WE Ventures Receives R$5m Commitment from Brazilian Insurance Porto Seguro (em português)

      December 18, 2020
    • Mountain Nazca Leads US$17.5m Series A in Peruvian Edtech Crehana (en español)

      December 17, 2020
    • LGT Lightstone Leads US$255m Series E in Brazilian Fintech Creditas

      December 17, 2020
    • Hetz Ventures Leads US$3.55m Round in Mexican Fintech Mozper

      December 14, 2020
    • Jaguar Ventures, Investo, and Liquid2 Ventures Invest US$2.3m in Chilean Justo (en español)

      December 10, 2020
    • KaszeK Ventures and QED Investors Lead US$62m Series B in Bitso

      December 9, 2020
    • Valor Capital Group Leads US$2.2m Round in Brazilian Dolado (em português)

      December 9, 2020
    • Temasek Invests US$20m in Brazilian Payments Processor Conductor

      December 9, 2020
    • IDB Invest and Blue Like an Orange Invest US$50m in Travel Network Selina

      December 9, 2020
    • Flourish Ventures, Mountain Nazca, Valar Ventures, and Greyhound Capital Invest US$45m in albo

      December 8, 2020
    • Volpe Capital Reaches US$50m First Close for Early Stage Latin America Fund (em português)

      December 8, 2020
    • Blockchange Ventures and Pomp Lead US$5.25m Round in Colombian Fintech Valiu (en español)

      December 7, 2020
    • Riverwood Capital Invests US$32m in Brazilian Freight Management Intelipost

      December 6, 2020
    • Barn Investments, Bulb Capital, and Wayra Invest R$30m in Trocafone (em português)

      December 4, 2020
    • Accion Venture Lab, Emles Venture Partners, and Noveus VC Invest US$1.5m in Henry

      December 3, 2020
    • Mountain Nazca and Alma Mundi Ventures Lead US$3m Round in Spanish Healthtech Asistensi

      December 3, 2020
    • Mountain Nazca Leads US$1.7m Round in Mexican Personal Finance Startup Heru

      December 2, 2020
    • monashees Leads R$28m Seres A in Brazilian Coffee Shop The Coffee (em português)

      December 1, 2020
    • KaszeK Ventures, Global Founders Capital, and Iporanga Ventures Invest US$2.5m in Legiti (em português)

      November 30, 2020
    •  Peninsula Participações and Endeavor Catalyst Lead US$10m Series B in Brazilian Healthtech Hilab (em português)

      November 26, 2020
    • The Craftory Leads US$1.8m Round in Brazilian Carbon Credit Marketplace Moss (em português)

      November 25, 2020
    • ONEVC Leads US$2.7m Round in Brazilian Agtech TerraMagna

      November 25, 2020
    • SoftBank Leads US$58m Series D in Brazilian Ecommerce Olist

      November 23, 2020
    • Index Ventures Leads US$19m Series A in Mexican Digital Health Insurer Sofía

      November 20, 2020
    • Clout Capital Leads US$2.55m Series A in Quantum Talent (en español)

      November 20, 2020
    • monashees, ONEVC, and Y Combinator Lead US$5m Seed Round in Brazilian Fintech Facio

      November 18, 2020
    • Tribe Capital Leads US$13.5m Series A in Mexican Identity Verification Provider Mati

      November 17, 2020
    • Memory Merges with Accel-KKR Backed Siigo (en español)

      November 16, 2020
    • Confrapar and Crescera Investimentos Exit Billing Platform Vindi via R$180m Sale to Locaweb (em português)

      November 11, 2020
    • monashees and Qualcomm Ventures Lead Undisclosed Series A in Edge Computing Azion (em português)

      November 10, 2020
    • SP Ventures Invests R$14m in Brazilian Agtech Lending Platform Traive (em português)

      November 4, 2020
    • Astella Investimentos Leads US$1.4m Round in Brazilian HRtech BossaBox (em português)

      November 3, 2020
    • Passion Capital Leads US$1.4m in Self-Service Cloud Platform Warren

      November 1, 2020
    • Viking Global Investors Leads US$150m Round in Brazilian Card Issuer Conductor

      October 30, 2020
    • KaszeK Ventures and Peninsula Lead R$17m Round in Brazilian Primary Care Cuidas (em português)

      October 29, 2020
    • Astella Investimentos Invests R$8m in Brazilian Public Finance Platform Gove (em português)

      October 27, 2020
    • Vine Capital Leads US$4m in Colombian Construction Materials Platform Tül

      October 27, 2020
    • IDB Invest Leads US$15m Round in Mexican On-Demand Furniture Platform GAIA

      October 26, 2020
    • Inovabra Ventures Leads R$37m Round in Brazilian Financial Management Asaas

      October 23, 2020
    • DOMO Invests R$4m in Brazilian Online Event Startup Even3 (em português)

      October 22, 2020
    • Oikocredit Invests R$20m in Brazilian Fintech BizCapital (em português)

      October 22, 2020
    • MAYA Capital Reaches US$15m Second Close for Latin America Fund

      October 21, 2020
    • Alameda Ventures Invests R$40m in Digital Asset Investment Platform Transfero Swiss (em português)

      October 21, 2020
    • monashees Leads US$14.5m Round in Brazilian Insurtech Pier (em português)

      October 21, 2020
    • Vox Capital Leads R$23m Round in Brazilian Payment Developer Celcoin (em português)

      October 20, 2020

    About LAVCA

     

    LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

    LAVCA Offices

        New York City:
        589 8th Ave, 18th Floor
        New York, NY 10018

        Washington DC:
         2600 Virginia Ave. N.W., 500
        Washington, DC 20037

    LAVCA Also Has a Regional Presence in:

        Silicon Valley:
        San Francisco, CA

    Explore LAVCA.org

    • About LAVCA
    • Board, Team & Councils
    • Media
    • Contact Us
    • Membership Benefits
    • Members Only Access
    • Education and Programs
    • Research
    • Policy
    • LAVCA VC
    • Contact Us

    @2020 - LAVCA. All Rights Reserved.


    Back To Top