Occidental sells Permian assets, raises $950 million for debt reduction – Oil & Gas 360

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Occidental sells Permian assets, raises $950 million for debt reduction – Oil & Gas 360

(World Oil) – Occidental has signed four agreements to divest select Permian basin assets, generating approximately $950 million in proceeds to support continued debt reduction. Between April and July 2025, the company completed multiple transactions totaling about $370 million, selling off non-core and select non-operated upstream assets in the Permian Basin that are not part of its near-term development strategy. The buyers were not disclosed.

Occidental Sells Permian Assets and Raises $950 Million for Debt Reduction

In a strategic move to bolster its financial position, Occidental Petroleum (Oxy) has announced the sale of select Permian Basin assets, generating approximately $950 million in proceeds earmarked for debt reduction. This divestiture aligns with the company’s ongoing efforts to high-grade its portfolio following the high-profile acquisition of CrownRock in late 2023. Details of the Asset Sales The agreements involve four separate transactions fo…