Ingleside Cogeneration, L.P., a joint venture subsidiary ofOccidental Petroleum Corp. and Conoco, has completed a $200million, 440 MW cogeneration facility in South Texas. The plant hasstarted providing power for the adjacent OxyChem and DuPontchemical facilities, officials for the joint venture saidyesterday. In addition, enough excess electrical power will be soldinto the newly deregulated Texas grid for 75,000 homes andbusinesses.
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Canadian Occidental Petoleum Ltd., an independent global energyand chemical company, sold oil and gas properties worth $370million in order to take the bite out of low commodity prices, thecompany said Wednesday. This brings CanadianOxy’s 1998 propertysales to $630 million. The company did not disclose who bought theproperties. An additional $235 million of sales are expected beforethe end of January 1999.
Occidental Petroleum’s oil and gas drilling subsidiary laid off80 employees in Bakersfield, CA, on Wednesday, and will eliminateanother 130 jobs as part of a restructuring triggered by low crudeoil prices and its poor stock price performance. The subsidiary’swork force at its Bakersfield headquarters will be pared down to135 by eliminating 210 jobs and transferring another 50 employees.The company’s stock price plummeted last month to a new 52-week lowof 17 3/4 from a high of 30 3/4. It’s stock closed up 9/16 onWednesday following the announcement, but fell 1/8 Thursday to 221/8.