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Benzinga

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Triveni Kothapalli

OxyChem Sale Frees Billions For Occidental Petroleum To Boost Upstream Projects

Occidental OxyChem Occidental Petroleum Petroleum Berkshire Hathaway Oil JPMorgan

Occidental Petroleum Corp.

Occidental Petroleum (NYSE:OXY) is repositioning its portfolio and accelerating upstream development following the announced $9.7 billion sale of its OxyChem segment to Berkshire Hathaway (NYSE:BRK) (NYSE:BRK).

The transaction, expected to close by year-end, underscores management’s strategy to reduce debt, reallocate capital, and pursue opportunistic shareholder returns, JPMorgan analysts led by Arun Jayaram noted in a recent report.

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Flydubai attack investigation widens as alleged hijacker’s training in New Zealand scrutinised

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