Occidental in talks to sell OxyChem unit for at least $10 billion, FT reports

Core Viewpoint - Occidental Petroleum is in negotiations to sell its OxyChem division, with a potential valuation of at least $10 billion [1] Company Summary - The sale of the OxyChem division indicates Occidental Petroleum's strategic move to optimize its portfolio and focus on core operations [1] - The transaction could significantly impact Occidental's financial standing, providing capital for further investments or debt reduction [1] Industry Summary - The chemical industry is experiencing consolidation, and this potential sale aligns with broader trends of companies divesting non-core assets to enhance operational efficiency [1] - Valuations in the chemical sector remain robust, as evidenced by the anticipated $10 billion valuation for OxyChem, reflecting strong market demand [1]