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why is oc identsl in so much debt

Occidental Offloads Chemicals Unit in $9.7 Billion Deal with Berkshire to Cut Debt

$Occidental Petroleum(OXY)$ will sell its chemicals arm OxyChem to Warren Buffett's Berkshire Hathaway for $9.7 billion, the company said on Thursday, marking its biggest divestment yet to slash debt...

Occidental Offloads Chemicals Unit in $9.7 Billion Deal with Berkshire to Cut Debt

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Roth MKM analysts said in a note the sale of OxyChem could weigh on free cash flow growth in coming years, as the unit was expected to contribute significantly to expansion.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c175e1f0e1d04affecaead73bb269e23\" tg-width=\"825\" tg-height=\"621\"/></p><p>OxyChem, which produces chemicals used for treating swimming pools and vinyl products used for water supply piping and medical supplies, generated combined revenue of $2.42 billion in the first two quarters of this year.</p><p>If the deal closes, it would be the biggest purchase for Berkshire since its $11.6 billion buyout of insurance firm Alleghany Corporation in 2022, and expand its chemical portfolio beyond Lubrizol.</p><p>Berkshire is Occidental&#39;s largest shareholder and it began acquiring stake in the company in February 2022, around the time when Russia invaded Ukraine.</p><p>The divestment highlights the close ties between the two. In a 2019 meeting with Buffett, Occidental CEO Vicki Hollub secured a $10 billion investment that allowed her to make an offer for oil producer Anadarko Petroleum, outbidding rival Chevron to secure some of the richest shale oilfields in Texas.</p><p>But the $55 billion purchase of Anadarko left Occidental saddled with debt. The burden exacerbated after the company closed its $12 billion acquisition of privately held U.S. shale oil producer CrownRock last year.</p><p>To reduce its massive debt load, which stood at $23.34 billion by the end of June, Occidental been steadily divesting assets in recent years.</p><p>The company had disclosed in August $950 million of additional divestitures since the start of the second quarter, of which $370 million already closed and it repaid $3 billion of debt year-to-date.</p><p>Occidental said on Thursday it would use $6.5 billion of the proceeds to reduce debt, bringing the total principal debt below the $15 billion target set after the CrownRock deal.</p><p>The latest deal, expected to close in the fourth quarter, also indicates that Occidental is refocusing on its oil and gas business, which formed 75% of its total earnings last year.</p><p>CEO Hollub said OxyChem&#39;s sale would allow Occidental to &#34;unlock 20-plus years of low-cost resource runway&#34; in oil and gas.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Occidental Offloads Chemicals Unit in $9.7 Billion Deal with Berkshire to Cut Debt</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOccidental Offloads Chemicals Unit in $9.7 Billion Deal with Berkshire to Cut Debt\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-10-02 22:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a> will sell its chemicals arm OxyChem to Warren Buffett&#39;s Berkshire Hathaway for $9.7 billion, the company said on Thursday, marking its biggest divestment yet to slash debt after years of costly acquisitions.</p><p>Shares of the U.S. oil and gas producer, however, fell more than 5%. Roth MKM analysts said in a note the sale of OxyChem could weigh on free cash flow growth in coming years, as the unit was expected to contribute significantly to expansion.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c175e1f0e1d04affecaead73bb269e23\" tg-width=\"825\" tg-height=\"621\"/></p><p>OxyChem, which produces chemicals used for treating swimming pools and vinyl products used for water supply piping and medical supplies, generated combined revenue of $2.42 billion in the first two quarters of this year.</p><p>If the deal closes, it would be the biggest purchase for Berkshire since its $11.6 billion buyout of insurance firm Alleghany Corporation in 2022, and expand its chemical portfolio beyond Lubrizol.</p><p>Berkshire is Occidental&#39;s largest shareholder and it began acquiring stake in the company in February 2022, around the time when Russia invaded Ukraine.</p><p>The divestment highlights the close ties between the two. In a 2019 meeting with Buffett, Occidental CEO Vicki Hollub secured a $10 billion investment that allowed her to make an offer for oil producer Anadarko Petroleum, outbidding rival Chevron to secure some of the richest shale oilfields in Texas.</p><p>But the $55 billion purchase of Anadarko left Occidental saddled with debt. The burden exacerbated after the company closed its $12 billion acquisition of privately held U.S. shale oil producer CrownRock last year.</p><p>To reduce its massive debt load, which stood at $23.34 billion by the end of June, Occidental been steadily divesting assets in recent years.</p><p>The company had disclosed in August $950 million of additional divestitures since the start of the second quarter, of which $370 million already closed and it repaid $3 billion of debt year-to-date.</p><p>Occidental said on Thursday it would use $6.5 billion of the proceeds to reduce debt, bringing the total principal debt below the $15 billion target set after the CrownRock deal.</p><p>The latest deal, expected to close in the fourth quarter, also indicates that Occidental is refocusing on its oil and gas business, which formed 75% of its total earnings last year.</p><p>CEO Hollub said OxyChem&#39;s sale would allow Occidental to &#34;unlock 20-plus years of low-cost resource runway&#34; in oil and gas.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","BK4581":"高盛持仓","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4570":"地缘局势概念股","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","BK4585":"ETF&股票定投概念","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0278409577.USD":"MANULIFE GLOBAL FUND-GLOBAL RESOURCES FUND \"AA\" (USD) INC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU2129689605.HKD":"FRANKLIN GLOBAL INCOME \"A\" (HKD) INC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU1430597077.USD":"BGF NATURAL RESOURCES \"A\" (USD) INC","IE00B3CCJ963.GBP":"GUINNESS GLOBAL ENERGY \"C\" (GBP) ACC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","IE00B2Q91V27.USD":"GUINNESS GLOBAL ENERGY \"C\" (USD) ACC","BK4566":"资本集团","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU1929549753.HKD":"FRANKLIN INCOME \"A\" (HKD) INC","LU0788109394.HKD":"BGF WORLD ENERGY \"A2\" (HKDHGD) ACC","OXY":"西方石油","LU2129689514.USD":"FRANKLIN GLOBAL INCOME \"A\" (USD) INC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0654597011.USD":"BGF NATURAL RESOURCES \"A4G\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2129689431.USD":"FRANKLIN GLOBAL INCOME \"A\" (USD) ACC","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","LU0612318971.USD":"BGF NATURAL RESOURCES \"A5G\" (USD) INC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BK4592":"伊斯兰概念","BK4559":"巴菲特持仓","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0122376428.USD":"贝莱德世界能源基金A2","BK4588":"碎股","LU0345781412.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0630314457.HKD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (HKD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0368265418.SGD":"Blackrock World Energy Fund A2 SGD-H"},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251002:nL3N3VJ0MQ:1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2572519253","content_text":"Occidental Petroleum will sell its chemicals arm OxyChem to Warren Buffett's Berkshire Hathaway for $9.7 billion, the company said on Thursday, marking its biggest divestment yet to slash debt after years of costly acquisitions.Shares of the U.S. oil and gas producer, however, fell more than 5%. Roth MKM analysts said in a note the sale of OxyChem could weigh on free cash flow growth in coming years, as the unit was expected to contribute significantly to expansion.OxyChem, which produces chemicals used for treating swimming pools and vinyl products used for water supply piping and medical supplies, generated combined revenue of $2.42 billion in the first two quarters of this year.If the deal closes, it would be the biggest purchase for Berkshire since its $11.6 billion buyout of insurance firm Alleghany Corporation in 2022, and expand its chemical portfolio beyond Lubrizol.Berkshire is Occidental's largest shareholder and it began acquiring stake in the company in February 2022, around the time when Russia invaded Ukraine.The divestment highlights the close ties between the two. In a 2019 meeting with Buffett, Occidental CEO Vicki Hollub secured a $10 billion investment that allowed her to make an offer for oil producer Anadarko Petroleum, outbidding rival Chevron to secure some of the richest shale oilfields in Texas.But the $55 billion purchase of Anadarko left Occidental saddled with debt. The burden exacerbated after the company closed its $12 billion acquisition of privately held U.S. shale oil producer CrownRock last year.To reduce its massive debt load, which stood at $23.34 billion by the end of June, Occidental been steadily divesting assets in recent years.The company had disclosed in August $950 million of additional divestitures since the start of the second quarter, of which $370 million already closed and it repaid $3 billion of debt year-to-date.Occidental said on Thursday it would use $6.5 billion of the proceeds to reduce debt, bringing the total principal debt below the $15 billion target set after the CrownRock deal.The latest deal, expected to close in the fourth quarter, also indicates that Occidental is refocusing on its oil and gas business, which formed 75% of its total earnings last year.CEO Hollub said OxyChem's sale would allow Occidental to \"unlock 20-plus years of low-cost resource runway\" in oil and gas.","news_type":1,"symbols_score_info":{"OXY":0.9}},"isVote":1,"tweetType":1,"viewCount":576,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":26,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}