Occidental Petroleum Faces Pivotal Week with Earnings and Major Asset Sale

This week represents a critical juncture for oil and gas producer Occidental Petroleum, with two significant events poised to influence the company’s stock trajectory. The energy firm prepares to release third-quarter financial results while simultaneously advancing a multi-billion dollar chemical unit sale to Warren Buffett’s Berkshire Hathaway. These developments could potentially reverse the stock’s prolonged downward trend.

The proposed $9.7 billion transaction involving Occidental’s OxyChem chemical division, scheduled for completion in the fourth quarter, faces mounting criticism from industry observers. Analysts at Scotiabank contend the sale price substantially undervalues the business unit, estimating its true worth at approximately $12 billion.

The controversy stems from Occidental’s decision Read more...