by Amruth Sundarkumar | Aug 22, 2022 | Corporates, Global
Berkshire Hathaway won the approval of the Federal Energy Regulatory Commission to buy up to half of Occidental Petroleum (Oxy). This comes after Berkshire had requested authorization to acquire up to 50% of the oil major. Berkshire’s interest in Occidental is...
by Amruth Sundarkumar | Aug 3, 2022 | Corporates, Global
American exploration company Occidental Petroleum Corp (Oxy) reported a consolidated net profit of $3.8bn in Q2 vs. $103mn in the last year driven by higher crude oil and domestic natural gas prices and increased crude oil and Natural Gas Liquids (NGL) volumes. Total...
by Amruth Sundarkumar | Mar 7, 2022 | Corporates, Credit Ratings
Occidental (Oxy) was upgraded to Ba1 from Ba2 by Moody’s, reflecting its strong business profile, improved governance and credit metrics as its earnings increased and debt reduced significantly in 2021. Oxy reduced balance sheet debt by $6.7bn in 2021, funded by...
by Amruth Sundarkumar | Mar 1, 2022 | Corporates
Occidental (Oxy) is buying back $2.5bn of its bonds in an effort to cut its debt after reporting strong earnings. Its net income in Q4 2021 stood at $1.3bn as compared to a loss of $1.3bn in Q4 2020. The positive results come after average WTI and Brent prices were at...
by Amruth Sundarkumar | Jan 26, 2022 | Corporates, Credit Ratings
Occidental (Oxy) was upgraded to BB+ from BB by S&P. Occidental’s repayment of debt over the past two years has helped its profile and the company would continue to keep debt reduction as a priority in 2022. In 2021, Oxy repaid over $6bn in debt principal...
