Occidental Expects to Cut $3.8 Billion in Debt During Q3

MT Newswires Live08-20

Occidental (OXY) Monday said it has cut around $3 billion of its debt in Q3, using a combination of free cash flow from operations and proceeds from asset sales and that it expects to eliminate another $800 million in debt by the end of its current Q3 next month.

The energy major said it generated nearly $700 million from the Aug. 12 sale of 19.5 million common units it previously held in Western Midstream Partners (WES). The company also anticipates using proceeds from the $818 million sale of Barilla Draw Resources, announced July 29, to reduce debt.

Occidental recently disclosed plans to trim around $4.5 billion from its balance sheet and the company said it will have cut about $3.8 billion in debt by the end of Q3, achieving roughly 85% of its near-term goal.

Price: 57.85, Change: +0.24, Percent Change: +0.42

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