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Occidental Petroleum Corp. (Oxy) has reached an agreement to sell its stakes in two Ghanaian oil fields for $750mn, as part of its divestment effort to reduce debt. As per Oxy’s statement, Kosmos Energy Ltd and Ghana National Petroleum Corp. will pay $550mn and $200mn respectively for Oxy’s stakes in the Jubilee and TEN offshore fields.

The proceeds will be used to reduce Oxy’s debt, which has grown nearly 5x to ~$48bn after its acquisition of Anadarko Petroleum in 2019. The Ghana assets were inherited from the acquisition of Anadarko and were considered as non-core, given that they were minority stakes in a country that Oxy had very little history of operating in. Oxy had previously agreed to sell the assets to TotalEnergies SE but was unsuccessful amid tax and regulatory concerns. With this deal, Oxy has sold more than $2bn of assets in the past year, meeting a self-imposed disposal target that is instrumental to meet its debt repayment goals.

Oxy’s bonds were stable with its 3.5% 2029s at 101.95, yielding 3.21%.

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