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Evette Mitkov

Occidental Petroleum (OXY) Stock Is Moving Higher Monday: Here's Why

Occidental OXY Petroleum OxyChem NYSE Vicki Hollub

Offshore,Oil,And,Gas,Jackup,Platform,In,The,Ocean,During

Occidental Petroleum Corporation (NYSE: OXY) shares are trading higher on Monday after reports emerged that the company is in advanced talks to sell its OxyChem petrochemicals division for approximately $10 billion.

What Happened: The potential divestment would carve out one of the world’s largest standalone petrochemicals units and mark Occidental’s biggest asset sale to date, according to the Financial Times. OxyChem generated nearly $5 billion in revenue over the 12 months ending in June.

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