Occidental Petroleum announces continued progress on debt reduction

Occidental announced it has achieved $3B in principal debt reduction in the third quarter of 2024, utilizing robust organic cash flow from operations and proceeds from divestitures. “We are pleased with the rapid and significant progress of our deleveraging program along with enhancements made to our already premier portfolio. By the end of the third quarter, we expect to achieve nearly 85% of our near-term $4.5 billion debt reduction commitment,” said President and CEO Vicki Hollub. “We believe our recent financial actions strengthen our balance sheet and accelerate our shareholder return pathway.” Following closing of the Barilla Draw divestment, which is expected by the end of the third quarter, Occidental plans to apply the proceeds from the $818 million transaction toward debt repayments, which will bring total year-to-date debt redemptions to over $3.8 billion, or approximately 85% of the near-term $4.5 billion debt reduction commitment.