Reported 28 days ago
Occidental Petroleum, a major US oil and gas producer, is less worried about falling oil prices following its $12 billion acquisition of CrownRock, which is set to enhance its annual free cash flow. Although crude prices have dropped below $70 a barrel, affecting short-term cash flow, Occidental is significantly diversifying its income streams beyond oil and gas. With initiatives in carbon capture and investments in non-oil segments, the company expects to increase its free cash flow by more than $1 billion by 2026, reducing its reliance on volatile oil prices.
Source: YAHOO