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Occidental Petroleum Is 85% of the Way Toward Achieving This Crucial Goal
OXYOXY(OXY) The Motley Fool·2024-08-21 09:17

The oil company is working to whittle down its debt. Occidental Petroleum (OXY -2.13%) recently closed its 12billionacquisitionofCrownRock.ThedealwillsignificantlyenhanceitspositioninthePermianBasinandfreecashflow.However,italsoloadedthecompanywithdebt.Thecompanyborrowed12 billion acquisition of CrownRock. The deal will significantly enhance its position in the Permian Basin and free cash flow. However, it also loaded the company with debt. The company borrowed 9.1 billion to close the deal and assumed $1.2 billion of CrownRock's existing debt. The oil company plans to significantly reduce its debt in the coming years to ease the potential pressure on its balance sh ...