Occidental Petroleum Under Pressure After Discounted Asset Sale

24 days ago

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"The second worst performer on a percentage basis in the S&P 500, that goes to Occidental Petroleum. Shares fell more than 7% today after the company agreed to sell its Oxychem petrochemical unit to Berkshire Hathaway for about $9.7 billion in cash. Analysts did note that the sale is below the $10 billion that they had been expecting."

Occidental Petroleum saw its shares drop by over 7% following the sale of its Oxychem unit at a discount to market expectations. The move has prompted concerns regarding its asset valuation and shifting strategic focus towards organic growth using the proceeds to reduce debt.

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