Wyoming state officials plan to take advantage of the financially troubled Occidental Petroleum. A state agency met this week and decided it will bid on a package of land and minerals in Wyoming and Colorado that is owned by the company.
The company has been struggling with debt taken on in last year’s $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on rising shale oil prices ahead of a market crash.
Wyoming’s State Loan and Investment Board held a public hearing on Monday before voting unanimously to bid on the properties, according to Reuters.
If the state is successful in its bid, terms will be subject to approval by the board, which also voted to hold four public hearings on any potential purchase in locations throughout the state.
Source: Reuters