Occidental achieved a principal debt reduction of $3 billion in the third quarter.

Occidental Petroleum (NYSE: OXY) announced that it achieved a $3 billion principal debt reduction in the third quarter and rose 0.5% in Monday's trading. This is due to strong cash flow from operating activities and revenue from divestitures.

After completing the sale of Barrillandrow scheduled by the end of the third quarter, Occidental (OXY) plans to allocate the revenue of 800.18 million dollars from the trade to debt repayment. As a result, within 12 months of completing the CrownRock acquisition, the total debt repayment for the year will exceed 3.8 billion dollars out of the short-term debt reduction commitment of 4.5 billion dollars.

Last week, Western Midstream Partners (WES) sold 19.5 million common units representing limited partner interests and raised 0.7 billion dollars. In addition, Occidental (OXY) stated that it achieved approximately 1.7 billion dollars from completed or announced sales in 2024.