Occidental Petroleum sells Bridge Tex pipeline stake for $1.15bn

Law firm Baker Botts is representing Occidental Petroleum in the announced sale of its 50% ownership stake in pipeline operator BridgeTex Pipeline Company for $1.15bn. The buyers are Plains All American Pipeline and Plains GP Holdings. The BridgeTex pipeline, which just began service in September, is delivering up to 300,000 b/d of crude oil from the Permian Basin to the Houston Gulf Coast.