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With Asset Sales Falling Off the Table, Occidental Petroleum Is Looking at All Other Options to Reduce Debt

Matthew DiLallo, The Motley Fool
·5-min read
With Asset Sales Falling Off the Table, Occidental Petroleum Is Looking at All Other Options to Reduce Debt

Occidental Petroleum's (NYSE: OXY) ambitious plan to pay off the debt it took on to acquire Anadarko Petroleum has encountered many obstacles. Not only has it been unable to close some asset sales, but plummeting crude oil prices took asset values with them, which will make it impossible to achieve the company's target. Occidental Petroleum initially anticipated that it could net $15 billion from selling assets following the acquisition of Anadarko Petroleum.

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