Occidental Announces Further Progress on Debt Reduction

Core Points - Occidental achieved its near-term debt repayment target of $4.5 billion in Q4 2024 and signed agreements to divest upstream assets for a total of $1.2 billion in Q1 2025 [1][7] - The divestiture includes Rockies non-operated assets and Permian Basin assets not part of the near-term development plan, with proceeds allocated to 2025 debt maturities [2][3] - The company aims to continue deleveraging through free cash flow and divestitures, enhancing its portfolio and shareholder returns [3] Company Overview - Occidental is an international energy company with significant assets in the U.S., Middle East, and North Africa, being one of the largest oil and gas producers in the U.S. [4] - The company operates in key regions such as the Permian and DJ basins and offshore Gulf of America, with a focus on maximizing the value of its oil and gas through its midstream and marketing segment [4] - Occidental is committed to advancing a lower-carbon world through its Oxy Low Carbon Ventures subsidiary and aims to utilize its leadership in carbon management [4]