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Occidental Petroleum Considers $10B OxyChem Sale to Tackle Debt
Occidental Petroleum Considers $10B OxyChem Sale to Tackle Debt
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BTCCSquare news:
Occidental Petroleum (OXY) is exploring the sale of its chemical subsidiary OxyChem in a deal potentially worth $10 billion, as reported by the Financial Times. The MOVE aims to alleviate the company's substantial debt burden, which includes liabilities from its $55 billion Anadarko acquisition in 2019 and the $12 billion CrownRock purchase last year.
The Warren Buffett-backed firm has already reduced debt by $7.5 billion and offloaded $4 billion in assets since the CrownRock deal. A successful OxyChem sale WOULD far exceed its initial $4.5–6 billion asset disposal target, potentially reshaping its balance sheet ahead of Q2 earnings.
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