Occidental Petroleum’s Strategic Divestiture to Ease Debt

27 days ago

Nathan Hager & Valerie Teitel

"Occidental Petroleum has, or it's been reported in the FT, that they are looking at a divestiture. And Oxy stock is up one and a half percent so far in pre-market trade. The FT is saying that they're in talks to sell their petrochemical unit for $10 billion. And they'll be doing this in order to pay down debt."

Occidental Petroleum is reportedly in discussions to sell its petrochemical unit for $10 billion as part of a broader effort to reduce near-term debt. The market reaction, with shares up 1.5%, reflects positive sentiment on this move to strengthen the balance sheet.

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