Occidental Petroleum reduces debt to $13.3 billion following a $9.7 billion sale of its OxyChem division to Berkshire Hathaway.
Occidental Petroleum has slashed its debt to $13.3 billion after selling its OxyChem division to Berkshire Hathaway for $9.7 billion in January. The move accelerates the company’s deleveraging efforts, down from over $20 billion six months ago.
Management aims to reach a $10 billion debt target, which would unlock increased dividends and share buybacks. The company’s focus on the Permian Basin and high oil prices has driven investor interest despite volatility tied to crude benchmarks.
Shares of Occidental have risen over 36% this year, reflecting confidence in its long-term strategy and debt reduction plans.