Occidental Petroleum Corp. (OXY) is in advanced discussions to sell its chemical division, OxyChem, in a deal valued at approximately $10 billion, the Financial Times reported citing people familiar with the matter.
The potential sale would mark the largest divestiture in Occidental's ongoing strategy to streamline operations and reduce its substantial debt burden. The company has been actively shedding assets over the past several years as part of this effort.
An official announcement is expected in the coming weeks, the report said.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.