Occidental Petroleum Speeds Up Debt Repayment with $3B Reduction: Details
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 19 2024
0mins
Source: Benzinga
Debt Reduction and Financial Performance: Occidental Petroleum Corporation announced a $3 billion reduction in principal debt for Q3 2024, driven by strong cash flow and divestitures, with plans to use proceeds from the $818 million Barilla Draw divestment to further reduce debt.
Acquisitions and Market Activity: The company completed a $12 billion acquisition of CrownRock, enhancing its production capabilities, while OXY shares saw a slight increase of 0.51% to $57.91.
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Analyst Views on OXY
Wall Street analysts forecast OXY stock price to fall
16 Analyst Rating
4 Buy
9 Hold
3 Sell
Hold
Current: 55.580
Low
38.00
Averages
47.27
High
64.00
Current: 55.580
Low
38.00
Averages
47.27
High
64.00
About OXY
Occidental Petroleum Corporation is an international energy company with assets primarily in the United States, the Middle East and North Africa. The Company is an oil and gas producer in the United States, including a producer in the Permian and DJ basins, and the offshore Gulf of Mexico. It operates through three segments: oil and gas, chemical and midstream and marketing. The oil and gas segment explores for, develops, and produces oil (which includes condensate), natural gas liquids (NGL) and natural gas. The chemical segment primarily manufactures and markets basic chemicals and vinyls. The midstream and marketing segment purchases, markets, gathers, processes, transports, and stores oil (which includes condensate), NGL, natural gas, carbon dioxide (CO2) and power. The midstream and marketing segment provides flow assurance and maximizes the value of its oil and gas. It also optimizes its transportation and storage capacity and invests in entities that conduct similar activities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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