Clock ticking for Oxy
Producer in race against time to generate funds needed to pay down mounting debts
US independent Occidental Petroleum looked well-placed to tackle its hefty debt load at the start of the year, with strong capital efficiency, $6bn in completed asset sales and significant cost-cutting in place. The negative investor sentiment surrounding the $25.5bn acquisition of its peer Anadarko Petroleum was finally starting to fade. But the oil price collapse and the demand destruction triggered by Covid-19 has torn up everyone’s best-laid plans and revived fresh concerns that Oxy could fail to meet its huge looming debt maturities. The company faces $11bn in payments for the period 2021-23. $11bn – Debt maturities Capex and other non-essential outlay have been hacked back to s
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
