LOS ANGELES, July 18, 2001 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) has agreed to sell its residual interest in Occidental Texas Pipeline Company to Kinder Morgan Energy Partners, L.P. for $360 million. The pipeline was originally part of MidCon, Occidental's former natural gas transmission subsidiary that was acquired by Kinder Morgan, Inc. in 1998. Occidental also has agreed to purchase gas from the pipeline at market prices for use in its chemical operations.
The proceeds from this transaction, which is expected to close by yearend, will be used to pay down debt.
Forward-looking statements and estimates regarding exploration and production activities, oil, gas and commodity chemical prices, operating costs and their related earnings effects in this release are based on assumptions concerning market, competitive, regulatory, environmental, operational and other conditions. Actual results could differ materially as a result of factors discussed in Occidental's Annual Report on Form 10-K.