The Hugoton field assets include around 1.4 million net acres, spreading over southwest Kansas, Oklahoma panhandle and eastern Colorado in the US.
Occidental said that the average net production from assets of the field in 2013 was around 110 million cubic ft equivalent per day, of which about 30% was oil.
The transaction, which is expected to be completed by April, 2014, is subject to regulatory approval and transaction adjustments.
Occidental Petroleum is engaged in oil and gas operations in the US, Middle East or North Africa and Latin America regions.
