OCCIDENTAL PETROLEUM CORP

Occidental Petroleum (OXY) is planning to sell its stake in master limited partnership (MLP) Western Midstream to raise cash following its $12bn acquisition of CrownRock. The sale of MLP is expected to fetch around $8bn, which will help OXY to pay its debts and bring down its debt principal by $4.5bn over the next 12 months. Meanwhile, OXY is also in talks with Colombian state-run oil firm, Ecopetrol, for the purchase of a stake in CrownRock. The deal could increase Ecopetrol's Permian Basin assets and result in the stake rising to around 49%.

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Occidental Petroleum in Talks with Ecopetrol over Stake in CrownRock

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