Reported 2 days ago
Occidental Petroleum has successfully achieved 90% of its goal to reduce debt following its $12 billion acquisition of CrownRock, primarily funded through debt. The company aims to repay at least $4.5 billion within a year of the deal's closure and is on track to reach this target by leveraging excess cash flow and asset sales. While this progress alleviates some financial strain, investors seeking immediate returns may prefer larger competitors like Exxon and Chevron. However, Occidental presents an appealing option for those looking for an oil stock with strong growth potential as it successfully pays down its debt.
Source: YAHOO