(WO) — Occidental has signed four agreements to divest select Permian basin assets, generating approximately $950 million in proceeds to support continued debt reduction.
Between April and July 2025, the company completed multiple transactions totaling about $370 million, selling off non-core and select non-operated upstream assets in the Permian Basin that are not part of its near-term development strategy. The buyers were not disclosed.
In July, Occidental entered into an agreement with an affiliate of Enterprise Products Partners L.P. to sell an entity that owns certain gas gathering assets in the Midland Basin for $580 million. That deal is subject to customary closing conditions and regulatory approvals, including expiration or termination of the Hart-Scott-Rodino Act waiting period.
These transactions bring Occidental’s total divestitures to about $4 billion since its December 2023 announcement of the CrownRock acquisition. Since July 2024, the company has repaid $7.5 billion in debt, including proceeds from previously closed Delaware Basin sales. The Midland divestiture proceeds are expected to further reduce debt upon closing.
“We are pleased with how we continue to strategically strengthen our portfolio, and it’s rewarding to see those efforts drive debt reduction and create value for shareholders,” said Vicki Hollub, Occidental president and CEO. “We believe Occidental has the best assets in our history and we will continue to find opportunities to high-grade our portfolio and generate long-term value.”
