Oxy under pressure
Crumbling revenues heighten concerns over looming debt maturities and the firm’s ability to avoid becoming another high-profile casualty
The first half of the year has proven disastrous for many firms operating across the US shale patch. Punishing economic conditions have proven foolhardy previous strategies of prioritising production growth, often financed by ever-increasing debt, with domestic bankruptcies rapidly gathering pace. For US independent Occidental Petroleum, the volatile market conditions have drawn eyes to the company’s mammoth debt maturities amid fears for its long-term survival. Oxy faces a wall of over $40bn in debt payments starting next year—mainly due to last year’s controversial merger with fellow indie Anadarko. The firm posted a $10.6bn net loss across the first six months of 2020, further adding to i
Also in this section
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
2 March 2026
The South Asian consumer’s next move could tighten the Middle East oil market overnight
2 March 2026
Canadian independent’s evolving portfolio in Trinidad and Tobago gives it access to the Atlantic LNG market and a close-up view of developments in neighbouring Venezuela
