Occidental Announces Further Progress on Asset Sales and Debt Reduction

Core Viewpoint - Occidental has signed four agreements to divest select Permian Basin assets, generating approximately $950 million for debt reduction, contributing to a total of about $4 billion in divestitures since December 2023 [1][5] Group 1: Financial Performance - The company has repaid approximately $7.5 billion in debt since July 2024, including proceeds from non-core Delaware Basin transactions [1][5] - An additional $580 million is expected to be applied to debt reduction upon closing of the Midland Basin gas gathering divestiture [1][5] Group 2: Strategic Initiatives - President and CEO Vicki Hollub expressed satisfaction with the strategic strengthening of the portfolio, emphasizing the creation of long-term value for shareholders [2] - Occidental aims to high-grade its portfolio and believes it possesses the best assets in its history [2] Group 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. [2] - The company operates in various segments, including midstream and marketing, and is advancing technologies through its Oxy Low Carbon Ventures subsidiary [2]