Occidental Petroleum announced it has reached its near-term debt repayment goal of $4.5 billion in the fourth quarter of 2024.
According to a news release, the Midland-based company has further solidified its debt reduction strategy by signing two agreements in the first quarter of 2025 to sell upstream assets. These sales are expected to generate an additional $1.2 billion in proceeds, which will be used to address upcoming debt maturities. The debt repayment target achieved marks the company's short-term goal of reducing debt by $4.5 billion by the end of 2024.
Occidental Petroleum noted that it signed two deals in early 2025 to sell upstream assets to undisclosed buyers, generating $1.2 billion. The company said that this move aligns with its continued commitment to actively managing debt levels.
"We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal," said President and CEO Vicki Hollub. Hollub added that these actions will allow Occidental Petroleum to achieve its medium-term balance sheet deleveraging target and shareholder return pathway.