"This transaction is consistent with our U.S. strategy of focusing on our core geographic areas in California and Texas," said Ray R. Irani, Oxy's chairman, president, and CEO. "We plan to apply the techniques we have used successfully to enhance production in our other U.S. operations. We expect to substantially increase the current production rate of 8,900 net barrels of oil equivalent per day within the next few years."
The transaction, which is accretive to earnings and cash flow and will be financed from cash on hand, is expected to close on or about October 1, 2006.
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