Occidental ends lower after Bloomberg says Middle East stake sale falters

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.

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Comments (6)
  • DevilDog85
    , contributor
    Comments (266) | Send Message
    OXY will sell these assets for top dollar. Somethings take time.
    2 Jul 2014, 04:14 PM Reply Like
  • PalmDesertRat
    , contributor
    Comments (3792) | Send Message
    No reaction in the aftermarket, oxy was down .5% on the day. no biggie
    2 Jul 2014, 04:16 PM Reply Like
  • trinh
    , contributor
    Comments (30) | Send Message
    "...which will likely yield closer to $1B."


    typo ---- "which will likely yield closer to $1B less". they're not going to sell for 1/8th the price, haha.
    2 Jul 2014, 05:15 PM Reply Like
  • djejr1
    , contributor
    Comments (17) | Send Message
    The key phrase is "some pieces". That implies the entire 40% will not be sold, hence $1B.
    2 Jul 2014, 05:45 PM Reply Like
  • trinh
    , contributor
    Comments (30) | Send Message
    would seem to fly in the face of the CEO's anti-"delicatessen" approach, wouldn't it? either way, a lot of speculation.
    2 Jul 2014, 06:07 PM Reply Like
  • ronaldmat
    , contributor
    Comments (12) | Send Message
    Doesn't matter. Money is cheap right now. Borrow what you need Oxy.
    2 Jul 2014, 05:50 PM Reply Like
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