Skip to content

Occidental to Buy Back $2.5 Billion of Debt as Oil Prices Soar

  • Buyback targets 15 tranches of junk bonds from 2023 to 2049
  • Occidental wants to reach investment grade in medium term

Occidental Petroleum Corp. is buying back $2.5 billion of its bonds as the junk-rated company seeks to cut debt after reporting better-than-expected earnings with rising crude prices.

The oil producer launched a tender offer Monday to repurchase 15 tranches of notes with maturities ranging from 2023 to 2049. Some of its targeted bonds gained. The $663 million of 4.1% unsecured notes due in 2047 vaulted 5 cents to 92.5 cents on the dollar Monday morning, according to data compiled by Bloomberg.