Reported 2 days ago
Occidental Petroleum has announced plans to divest certain upstream assets for $1.2 billion amid a production forecast that has fallen short of expectations. The company aims to close these deals, which include non-operated Rockies assets and some Permian Basin assets, by the end of the current quarter. The proceeds will be used to reduce debt incurred from a previous acquisition. Despite reporting a profit exceeding analysts' estimates, shares dropped due to concerns over production growth and asset sales in a challenging market.
Source: YAHOO