HOUSTON, June 19 Hess Corp said on
Monday it would sell its stake in enhanced oil recovery projects
in the Permian Basin of West Texas and New Mexico to Occidental
Petroleum Corp for $600 million in cash.
Hess said it plans to use the cash to fund growth projects.
For Occidental, the deal adds to the company's dominant position
as the largest producer of oil through enhanced oil recovery in
the United States.
Separately, Occidental said it would sell acreage in the
Permian for $600 million to undisclosed buyers and acquire other
acreage closer to existing operations, deals that will cut its
holdings in America's largest oilfield by 13,000 acres.
(Reporting by Ernest Scheyder; Editing by W Simon)