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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.