Occidental Petroleum (OXY) concluded the recent trading session at $60.27, signifying a +0.15% move from its prior day's close.
One of Warren Buffett's favorite holdings, Occidental Petroleum (NYSE: OXY), just exhibited a “Death Cross” pattern on its stock chart following a period of significant volatility, potentially foreshadowing a further decline in price.
Occidental Petroleum has agreed to sell some assets. The company will use the proceeds to repay debt ahead of its CrownRock acquisition.
Occidental Petroleum Corp. OXY said Monday it has agreed to sell Delaware Basin assets in Texas and New Mexico to Permian Resources Corp. PR for about $818 million, and said it has separately completed other asset sales totaling about $152 million. Houston-based Occidental said the $970 million of proceeds would be used to reduce debt, part of a previously announced $4.5 billion to $6.0 billion divestiture program that is due to be completed within 18 months of the close of the acquisition of CrownRock L.P.
U.S. oil and gas producer Occidental Petroleum said on Monday it would sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources for about $818 million.
Occidental's (OXY) premier position in the Permian basin and ongoing initiatives to strengthen its balance sheet are likely to boost its performance despite its premium valuation and lower return than the industry.
In the latest trading session, Occidental Petroleum (OXY) closed at $60.41, marking a -1.31% move from the previous day.
Shares of Occidental (OXY) are up 5.7% in 2024 on wise acquisitions and expansions, and Warrant Buffet has raised his stake in the company.
Occidental Petroleum (NYSE: OXY ) has been swinging higher in recent sessions, likely on political catalysts. With former President Donald Trump enjoying strong reelection momentum, his pro-fossil-fuel stance may lift OXY stock.
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In the closing of the recent trading day, Occidental Petroleum (OXY) stood at $62.12, denoting a +0.19% change from the preceding trading day.