Occidental Petroleum (NYSE:OXY) is in talks to sell its OxyChem unit in a deal valued at about $10 billion, the Financial Times reported on Sunday.
The sale is expected to be the latest in Occidental’s years-long divestiture spree, as it moves to reduce its massive debt load. The OxyChem sale could be Occidental’s biggest divestiture in this process.
Occidental is expected to announce the deal in the coming weeks, FT reported, citing two people familiar with the matter.
The company is grappling with a prolonged decline in oil prices, and is also attempting to repay debt associated with its 2019, $55 billion acquisition of Anadarko Petroleum, and its $13 billion acquisition of shale producer CrownRock in 2023.
Occidental announced a string of divestments in recent years, with its most recent sale being four development assets in the Permian Basin in August.
Source :
https://www.investing.com/news/stock-market-news/occidental-in-talks-to-sell-oxychem-unit-for-10-bln-ft-4259397
