CEO: Oxy to make further sales to pay down debt, reduce spending

Houston-based Occidental Petroleum Corp. (NYSE: OXY) has sold off about $4.55 billion of its assets in the wake of its acquisition of Anadarko Petroleum Corp., and it has billions more in divestments lined up in the near term.

Oxy closed the sale of Anadarko’s Mozambique assets to Paris-based Total SA (NYSE: TOT) for $3.9 billion, and it also divested its $650 million interest in Plains All American Pipeline LP (NYSE: PAA) during the third quarter. Oxy still has $4.9 billion in African assets…

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