Occidental Petroleum Corp. OXY said Monday it has agreed to sell Delaware Basin assets in Texas and New Mexico to Permian Resources Corp. PR for about $818 million, and said it has separately completed other asset sales totaling about $152 million. Houston-based Occidental said the $970 million of proceeds would be used to reduce debt, part of a previously announced $4.5 billion to $6.0 billion divestiture program that is due to be completed within 18 months of the close of the acquisition of CrownRock L.P.

U.S. oil and gas producer Occidental Petroleum said on Monday it would sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources for about $818 million.

HOUSTON, July 29, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced it has agreed to sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources (NYSE: PR) for approximately $818 million and separately completed several dispositions totaling approximately $152 million in 2024. Sales proceeds from each of these transactions will go toward reducing debt.

Energy stocks soared in 2022 as prices rose with a rapid rise in demand after COVID lockdowns were lifted and supply shocks due to the Ukrainian war. However, they have since declined, suffering a big blow in 2023 when energy prices remained flat.

Occidental's (OXY) premier position in the Permian basin and ongoing initiatives to strengthen its balance sheet are likely to boost its performance despite its premium valuation and lower return than the industry.

HOUSTON, July 25, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) announced today that its Board of Directors declared a regular quarterly dividend of $0.22 per share on common stock, payable on October 15, 2024, to stockholders of record as of the close of business on September 10, 2024.

In the latest trading session, Occidental Petroleum (OXY) closed at $60.41, marking a -1.31% move from the previous day.

Close to my home in Chapel Hill, North Carolina, is the factory site for VinFast Auto (NASDAQ: VFS ), the Vietnamese electric vehicle company. Taxpayer funding is involved, so the media covers VinFast well.

Colombia's majority state-owned energy company Ecopetrol said on Friday that it is in talks with U.S. oil major Occidental Petroleum to possibly buy a stake in CrownRock.

HOUSTON, July 19, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced that it has commenced a private exchange offer to certain eligible holders (the “Exchange Offer”) for any and all outstanding 5.000% Senior Notes due 2029 (the “CrownRock Notes”) issued by CrownRock, L.P. (“CrownRock”) and CrownRock Finance, Inc. for up to $376,084,000 aggregate principal amount of new notes to be issued by Occidental (the “Occidental Notes”) and cash.

HOUSTON, July 18, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced that the waiting period for its acquisition of CrownRock, L.P. (CrownRock, and such transaction, the CrownRock acquisition) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired.

Shares of Occidental (OXY) are up 5.7% in 2024 on wise acquisitions and expansions, and Warrant Buffet has raised his stake in the company.