Occidental Petroleum is marketing a minerals package in Colorado’s D-J Basin valued at around $1 billion, according to panelists at the 2025 NAPE conference. (Source: Jonathan Weiss/Shutterstock.com)
Occidental Petroleum is marketing a minerals package in the Denver-Julesburg (D-J) Basin valued around $900 million to $1 billion, a panelist said at the 2025 NAPE Summit on Feb. 5.
“Kind of in the rumor mill right now, Oxy is selling... [a] D-J minerals asset. The dust hasn’t settled on that yet, but the bids are in, and I believe there’s a winner,” said Tim Pawul, president of the Minerals & Royalties Authority, during a panel session at the 2025 NAPE conference in downtown Houston. The authority is a specialty firm focused on minerals and royalties space for oil, gas and renewables.
Acreage and production details about a marketed D-J Basin package were not immediately available. Occidental did not respond to a request from Hart Energy for additional details on the D-J Basin package by press time.
Occidental is a leading producer in Colorado’s D-J Basin, where the company holds interests in 700,000 net acres—including a “vast minerals position,” the company touted in third-quarter results last year.
The company also holds around 100,000 net acres in Wyoming’s Powder River Basin.
Net production from Oxy’s Rockies position, including both D-J and Powder River, averaged 321,000 boe/d in the third quarter. Oil output averaged 94,000 bbl/d, gas 691,000 MMcf/d and NGL 12,000 bbl/d.
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Quest to divest
Oxy is working to reduce debt after closing a blockbuster $12 billion acquisition of Permian Basin private E&P CrownRock in August 2024.
The company aims to repay at least $4.5 billion in debt within 12 months of closing the CrownRock acquisition.
Oxy has already made strong progress on its near-term divestiture goal. During the third quarter, it sold Barilla Draw assets in the southern Delaware Basin to Permian Resources for about $818 million.
Company affiliates also sold 19.5 million common units of Western Midstream Partners for $700 million last summer.
Oxy also sold non-core properties in Wyoming’s Powder River Basin to private operator Anschutz Exploration for an undisclosed sum in the third quarter, CEO Vicki Hollub confirmed on an earnings call.
Occidental held approximately 100,000 net acres in the Powder River at the end of the third quarter, down from the 300,000 listed in second-quarter investor materials.
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