Colgate Energy Partners III, LLC entered into a definitive agreement to acquire non-strategic acreage in the Permian Basin from Occidental Petroleum Corporation (NYSE:OXY) for approximately $510 million on June 10, 2021. The purchase price is subject to closing adjustments. Colgate Energy Partners III, LLC will be funding this cash acquisition while remaining squarely within its debt parameters. As of June 16, 2021, a private placement of senior notes was launched to finance the transaction. The transaction is expected to close in the third quarter of 2021. Proceeds from the sale will be applied towards Occidental's debt reduction. Colgate intends to use the net proceeds from this offering to fund a portion of the acquisition of certain assets of Occidental in Reeves and Ward Counties. Kirkland & Ellis acted as legal advisor to Colgate Energy Partners, III in the deal. The Kirkland team was led by Chad Smith and Anthony Speier with assistance from Mark Dundon and Jonathan Kidwell. Mingda Zhao, Emery Choi, Taylor Pullins, Chad McCormick of White & Case LLP acted as legal advisor to Occidental Petroleum Corporation. Tudor, Pickering, Holt & Co. acted as financial advisor to Occidental Petroleum Corporation.