Occidental ends lower after Bloomberg says Middle East stake sale falters

|About: Occidental Petroleum Corpor... (OXY)|By:, SA News Editor

Occidental Petroleum (OXY -0.5%) has failed to reach a deal to sell 40% of its Middle East operations to a group comprising the governments of Oman, Abu Dhabi and Qatar, Bloomberg report

OXY had been seeking as much as $8B to raise cash for drilling and share buybacks, but now plans to sell some assets piecemeal, which will likely yield closer to $1B.

The Middle East accounts for more than a third of OXY’s worldwide oil and gas production, with developed and undeveloped assets of more than 5M acres.