Occidental Petroleum Corporation (NYSE:OXY) shares are trading higher today. The company disclosed a $3 billion reduction in principal debt in the third quarter of 2024, driven by strong organic cash flow and proceeds from divestitures.
Following the anticipated closing of the $818 million Barilla Draw divestment, Occidental plans to use the proceeds for debt repayments. This will bring its year-to-date debt reductions to over $3.8 billion, meeting about 85% of its $4.5 billion near-term debt reduction target.
Occidental Petroleum raised $700 million last week through the
