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LOS ANGELES — Occidental Petroleum Corp., the fourth-largest U.S. oil company by market value, agreed to buy the remainder of Plains Exploration & Production Co.’s Permian and Colorado’s Piceance basin stakes it doesn’t already own for $1.25 billion to focus on some of its most productive fields.
The acquisition represents output equivalent to 13,000 barrels of oil a day and proved reserves equivalent to 92 million barrels, Occidental said Thursday.
