Occidental Petroleum’s stock rallied over 9% after its fourth-quarter earnings report. The company successfully sold its chemical manufacturing business, enabling it to reduce debt by $5.8 billion and increase its quarterly dividend by 8%. Despite declining oil and natural gas prices, strong operational performance led to significant cash flow generation.
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Why Occidental Stock Popped Today
Occidental Petroleum’s stock rallied over 9% after its fourth-quarter earnings report. The company successfully sold its chemical manufacturing business, enabling it to reduce debt by $5.8 billion and increase its quarterly dividend by 8%. Despite declining oil and natural gas prices, strong operational performance led to significant cash flow generation.