Occidental Finds Oil in Exploratory Well in Gulf of Mexico

Occidental Petroleum Corp. discovered oil in an exploratory well in the Gulf of Mexico about 125 miles (201 kilometers) south of the Louisiana coast.

The company found crude in Miocene sand deposits in an area it refers to as the Bandit prospect, according to a statement Thursday.

Occidental operates Bandit and holds a roughly 45% working interest, while Chevron Corp. and Australia’s Woodside Energy Group Ltd also hold stakes in it. The companies are evaluating the results and determining their next steps. The well is close to a facility that Occidental operates, which means it has the potential ...