Occidental Petroleum's stock soared 5.02% in Wednesday's pre-market trading session, boosting its valuation amid positive quarterly results and aggressive debt reduction measures.
The energy company reported a surprisingly strong adjusted profit of 80 cents per share for the fourth quarter, surpassing analysts' estimates of 68 cents. Despite lower crude oil prices causing a 9% drop in revenue to $6.8 billion, Occidental managed to outperform expectations through its cost management and operational efficiency.
Additionally, Occidental announced that it has met its near-term debt repayment target of $4.5 billion in Q4 2022, and has signed agreements to divest $1.2 billion worth of upstream assets in Q1 2025. These divestitures involve non-operated assets in the Rockies and non-core Permian Basin assets, with the proceeds to be used for further debt reduction. Occidental's proactive approach to deleveraging has reassured investors of its financial stability and commitment to streamlining operations.
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