Prediction: This Will Be Occidental Petroleum's Next Big Move
OXYOXY(OXY) The Motley Fool·2024-07-13 19:34

The oil giant will need to cut its debt quickly after closing its CrownRock deal.Occidental Petroleum (OXY -0.46%) is no stranger to making big moves. It agreed to buy CrownRock for 12billionlastyear.Meanwhile,itoutbidChevrontobuyAnadarkoPetroleumfor12 billion last year. Meanwhile, it outbid Chevron to buy Anadarko Petroleum for 55 billion in 2019. Like the Anadarko deal before it, Occidental is using a lot of debt to fund its CrownRock purchase. That will likely lead to another big move by the oil giant. I predict it will sell its stake in master limited partnership (MLP ...