Houston-based Occidental Petroleum said Tuesday it agreed to sell certain upstream assets in non-core Permian Basin and non-operated Rockies for a combined $1.2 billion. The transactions add to Oxy’s debt reduction efforts that hit near-term target of $4.5 billion in 2024Q4. Buyers were not disclosed for the 1Q deals. Production in the two areas is 2,000 boed in Permian and 13,000 boed in Rockies.
Occidental said 2025 production guidance is 1.385 million to 1.445 million boed, including 754,000 to 786,000 boed from Permian Basin. Capital expenditures for 2025 is forecast at $7.4 billion to $7.6 billion. Oxy production in 4Q was 1.463 million boed, including 771,000 boed from Permian.
Vicki Hollub, president and CEO, said, “We were pleased to reach the near-term deleveraging milestone… The transactions continue to high grade our portfolio and accelerate our progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”