OXY Stock Recent News

Shares in U.S. oil producer Occidental Petroleum fell to $56.17 on Tuesday, below a level that has routinely triggered purchases by its biggest holder, billionaire investor Warren Buffett's Berkshire Hathaway.

Occidental Petroleum is making quick progress toward achieving its initial debt reduction target. The company is well ahead of schedule and hasn't sold many assets yet.

HOUSTON, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced it has achieved $3 billion in principal debt reduction in the third quarter of 2024, utilizing robust organic cash flow from operations and proceeds from divestitures.

Despite last week's market dip, energy stocks have seen steady performance this year. As a result, many energy companies are seeing a relatively easy comeback trail ahead of them.

Occidental Petroleum is selling some of its stake in Western Midstream. The sale will bring in cash to help repay debt.

Zacks.com users have recently been watching Occidental (OXY) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.

Occidental partial sale of WES units is bullish for long-term investors as it makes taking private scenario unlikely. A flurry of new commercial agreements, commissioning of new gas plants, and reduction in Capex promise increased cash flows in 2024, and beyond. It should translate to growth in distributions. WES has achieved a stronger balance sheet, allowing for more flexibility in pursuing M&A, raising distributions, and potential credit upgrades.

HOUSTON , Aug. 12, 2024 /PRNewswire/ -- Western Midstream Partners, LP (NYSE: WES) ("WES") announced today the pricing of the previously announced underwritten secondary public offering of 19,000,000 common units representing limited partner interests in WES ("Common Units") by affiliates of Occidental (NYSE: OXY) (the "Selling Unitholders"), for gross proceeds of $685.9 million. The offering is expected to close on August 14, 2024, subject to customary closing conditions.

HOUSTON, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced the launch of an underwritten secondary public offering of 29,560,619 shares of its common stock by CrownRock Holdings, L.P. (the “Selling Stockholder”).

HOUSTON , Aug. 12, 2024 /PRNewswire/ -- Western Midstream Partners, LP (NYSE: WES) ("WES") announced today the commencement of an underwritten secondary public offering of 19,000,000 common units representing limited partner interests in WES ("Common Units") by affiliates of Occidental (NYSE: OXY) (the "Selling Unitholders"). The Selling Unitholders intend to grant Barclays, as the underwriter, a 30-day option to purchase up to 2,850,000 additional Common Units from the Selling Unitholders.