Occidental Petroleum retires $2 billion of 2021 term loans in Q4

By Sarah Lizee

Olympia, Wash., Jan. 6 – Occidental Petroleum Corp. retired $2 billion of 2021 bank term loans in the fourth quarter of 2019 with proceeds from asset divestitures and free cash flow, according to a press release.

The company said that with the recently announced sale of $565 million of Houston and Woodlands real estate assets to the Howard Hughes Corp., it continues to make progress toward meeting its $15 billion divestiture target.

“The sale of office complexes in the Houston Energy Corridor and The Woodlands is part of our plan to divest non-core assets and continue to improve the strength of our balance sheet,” Occidental president and chief executive officer Vicki Hollub said in the release.

“We repaid $7 billion of debt less than five months after closing our acquisition of Anadarko and will continue to reduce debt in 2020 with proceeds from asset divestitures and free cash flow.”

Occidental is a Houston oil and gas, chemical and midstream company.

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