Market Chatter: Occidental Petroleum's Joint Venture With Colombia's Ecopetrol May Be at Risk

MT Newswires Live12-20 21:34

Occidental Petroleum's (OXY) joint venture with Colombia's Ecopetrol may be in jeopardy because of turmoil at the state-controlled energy company, Reuters reported Friday, citing interviews with current and former employees.

The report cited alleged interference by Colombia's President Gustavo Petro as well as governance problems amid staff purges at the company. In August, Petro blocked a planned $3.6 billion deal with Occidental to buy 30% of shale producer CrownRock over his opposition to fracking, Reuters reported.

Concerns about the firm precede a March deadline for the renewal or ending of Ecopetrol's joint venture with Texas-based Occidental, according to the report.

Occidental and Ecopetrol did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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