Occidental racks up $3B in principal debt reduction during Q3
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Occidental Petroleum (NYSE:OXY) +0.5% in Monday’s trading after saying it achieved $3B in principal debt reduction in Q3, due to strong cash flow from operations and proceeds from divestitures.
After closing the Barilla Draw sale, which is expected by the end of Q3, Occidental (OXY) plans to apply the proceeds from the $818M deal toward debt repayments, which will bring total YTD debt redemptions to more than $3.8B out of its near-term $4.5B debt reduction commitment within 12 months of closing the CrownRock acquisition.
Last week’s sale of 19.5M common units representing limited partner interests in Western Midstream Partners (WES) raised $700M, and Occidental (OXY) said it has achieved ~$1.7B in completed or announced divestments in 2024.