Occidental Petroleum (OXY) Stock Is Moving Higher Monday: Here's Why

Evette Mitkov

September 29, 2025

Occidental Petroleum Corporation (NYSE: OXY) shares are trading higher on Monday after reports emerged that the company is in advanced talks to sell its OxyChem petrochemicals division for approximately $10 billion.

What Happened: The potential divestment would carve out one of the world’s largest standalone petrochemicals units and mark Occidental’s biggest asset sale to date, according to the Financial Times. OxyChem generated nearly $5 billion in revenue over the 12 months ending in June.

The sale is expected to be announced in the coming weeks, according to two people familiar with the matter. Occidental is reportedly working with advisors on the sale process, but no details about the buyer were provided.

The move represents a significant acceleration of CEO Vicki Hollub’s debt reduction strategy. Occidental is struggling with a $24 billion debt burden stemming from its $55 billion Anadarko Petroleum acquisition in 2019 and $13 billion CrownRock purchase in 2023. The report indicates that the company has already reduced debt by $7.5 billion this year.

“We are extremely pleased with the progress of our divestiture programme and the trajectory of our debt reduction plans,” Hollub said on a conference call following earnings in August.

The $10 billion of total proceeds would provide substantial financial flexibility for the Warren Buffett-backed company as it refocuses on core oil and gas operations amid a challenging pricing environment.

OXY Price Action: Occidental shares were up 1.40% at $48.13 at last check on Monday, per Benzinga Pro. The company’s market cap stood at $46.73 billion at the close on Friday.

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Image: Igor Hotinsky/Shutterstock.com

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