Debt ReductionOXY repaid another $1.3B of debt during the quarter, totaling $8.1B of repayments over the last 16 months.
Financial FlexibilityThe divestiture of OxyChem to Berkshire for ~$9.7bn unfetters the balance sheet, giving OXY financial flexibility to focus on its core Oil & Gas business.
Improved Balance SheetThe transaction enables OXY to achieve its $15 billion gross debt target, and on the model lowers net debt/EBITDA leverage by 0.5x.