OxyChem up for sale
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Occidental Petroleum Corp. (Oxy; Houston) is attempting to sell its chemicals business, OxyChem, for at least $10 billion, according to Chemweek.
Unnamed sources “familiar with the matter” expect a deal to be announced within weeks. Shares in Oxy opened Monday, Sept. 29, at $48.77, up from a close of $47.46 on Sept. 26.Oxy, which finished 2024 with about $24 billion in debt, has made reducing the figure to $15 billion a primary objective. During the first half of 2025, the company announced divestitures totaling nearly $4 billion.“Through our high-grading efforts, we have strengthened our portfolio, divesting assets with limited near-term opportunities and growing our inventory of competitive high-margin opportunities,” Vicki Hollub, Oxy’s president and CEO, said during the company’s second-quarter earnings call on Aug. 7.OxyChem is a producer of chlor-alkali, vinyls and polyvinyl chloride. Almost all of its production assets are located in North America. The company generated second-quarter net income of $160 million on sales of $1.3 billion.
mrchub.com
Unnamed sources “familiar with the matter” expect a deal to be announced within weeks. Shares in Oxy opened Monday, Sept. 29, at $48.77, up from a close of $47.46 on Sept. 26.Oxy, which finished 2024 with about $24 billion in debt, has made reducing the figure to $15 billion a primary objective. During the first half of 2025, the company announced divestitures totaling nearly $4 billion.“Through our high-grading efforts, we have strengthened our portfolio, divesting assets with limited near-term opportunities and growing our inventory of competitive high-margin opportunities,” Vicki Hollub, Oxy’s president and CEO, said during the company’s second-quarter earnings call on Aug. 7.OxyChem is a producer of chlor-alkali, vinyls and polyvinyl chloride. Almost all of its production assets are located in North America. The company generated second-quarter net income of $160 million on sales of $1.3 billion.
mrchub.com