Spotlight: Occidental Petroleum Finalizes Elk Hills Deal

Occidental Petroleum Corp. finalized a $3.65-billion deal to acquire the Elk Hills Naval Petroleum Reserve in the largest sale ever of a U.S. government asset. The 47,000-acre oil and gas field outside Bakersfield has more than 900 oil and natural gas wells. Under an agreement reached in October, Occidental bought the federal government’s 78% share of Elk Hills. Chevron controls the other 22%. Los Angeles-based Oxy said it expects Elk Hills ultimately to yield 1 billion barrels of oil.