Reported about 2 months ago
Occidental Petroleum has recently sold shares in Western Midstream Partners, raising approximately $658 million as part of its strategy to reduce debt following its $12 billion acquisition of CrownRock. The company aims to repay at least $4.5 billion of its new debt within the next year, with a broader goal of generating $4.5 billion to $6 billion from asset sales over the coming years. Despite a setback in a planned sale of a 30% stake in CrownRock, Occidental has made significant progress in its debt reduction efforts, positioning itself to mitigate risks associated with the volatile oil market.
Source: YAHOO