July 7, 2020 / 12:13 AM / a month ago

State of Wyoming to bid on Occidental Petroleum's land, minerals properties

July 6 (Reuters) - The state of Wyoming will bid on a package of land and minerals in Wyoming and Colorado owned by troubled Occidental Petroleum Corporation, public officials voted on Monday.

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.

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. (Reporting by Jennifer Hiller in Houston; Editing by Sandra Maler)

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