Occidental Achieves $3B Principal Debt Reduction In Q3 2024, Raises $700M From Public Offering Of Western Midstream Units, Expects Total YTD Debt Reduction To Surpass $3.8B After Closing Barilla Draw Divestiture
Portfolio Pulse from Benzinga Newsdesk
Occidental Petroleum (OXY) has achieved a $3 billion principal debt reduction in Q3 2024 and raised $700 million from a public offering of Western Midstream units. The company expects its total year-to-date debt reduction to surpass $3.8 billion after closing the Barilla Draw divestiture.
August 19, 2024 | 12:02 pm
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Occidental Petroleum (OXY) has significantly reduced its debt by $3 billion in Q3 2024 and raised $700 million from a public offering of Western Midstream units. The company anticipates its total year-to-date debt reduction to exceed $3.8 billion after the Barilla Draw divestiture.
The significant debt reduction and successful capital raise are positive financial moves for Occidental Petroleum, likely improving its balance sheet and investor confidence. The anticipated total debt reduction of over $3.8 billion further strengthens the company's financial position.
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