Occidental Petroleum Faces Disappointment on Asset Sale

24 days ago

Nora Melinda

"Occidental Petroleum down as well as we're looking at the comparison here, down as much as six percent. That's the biggest drop since April. And this is after the company agreed to sell its oxy petrochemical unit to Berkshire Hathaway for about nine point seven billion dollars in cash."

Occidental Petroleum's shares dropped 6%—its largest decline since April—following the sale of its oxy petrochemical unit to Berkshire Hathaway for $9.7 billion. While analysts view the move as deleveraging, the sale price fell short of the expected $10 billion, adding downside pressure.

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