Occidental Petroleum (OXY) said late Tuesday that it met its near-term debt repayment target of $4.5 billion in Q4 of last year and signed two agreements in Q1 2025 to divest upstream assets to undisclosed buyers for $1.2 billion.
The divestitures include non-operated assets in the Rockies and Permian Basin assets that aren't part of Occidental's near-term development plan, it said.
Proceeds will be used to pay down the remaining 2025 debt maturities, with the deals expected to close in Q1, the company added.
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