State Paying Barclays $2.5 Million For Work On Occidental Deal

8 Jul 2020

UPDATE: On July 6, the State Land and Investment Board voted unanimously to authorize the state to make a bid to Occidental Petroleum for the entire property under consideration or a portion of it. The board is made up of Wyoming’s governor, treasurer, superintendent of public education, secretary of state and auditor. The board would vote again on a final purchase agreement if the bid is successful, according to the motion the SLIB passed. Before such a vote, the state is required to publish a report on the potential transaction and hold four public meetings. At least one meeting must be held in each of Uinta, Sweetwater and Carbon counties — all counties that would be heavily impacted by the purchase.—Ed. 

The state of Wyoming signed a contract in late April with banking giant Barclays to pay it $2.5 million to evaluate the purchase of 1 million surface acres and 4 million mineral acres from Occidental Petroleum.

The state has already paid Barclays $1 million of that sum. An initial $500,000 payment in May was debited from an account for state construction project overruns, and another $500,000 was paid last week out of the governor’s budget, according to the governor’s spokesperson and data provided by the state auditor’s office.

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