The oil company is working to whittle down its debt. Occidental Petroleum (OXY -2.13%) recently closed its $12 billion acquisition of CrownRock. The deal will significantly enhance its position in the Permian Basin and free cash flow. However, it also loaded the company with debt. The company borrowed $9.1 billion to close the deal and assumed $1.2 billion of CrownRock's existing debt. The oil company plans to significantly reduce its debt in the coming years to ease the potential pressure on its balance sh ...