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America based Occidental Petroleum Stock Crashes

America based Occidental Petroleum Corp. shares dropped 0.18% to $28.28 Monday. This proved to be an all-around mixed trading session for the stock market, with the S&P 500 Index SPX rising 0.18% to 4,255.15 and the Dow Jones Industrial Average DJIA falling 0.25% to 34,393.75.

Occidental Petroleum Corp. closed $4.24 short of its 52-week high ($32.52), which the company achieved on March 5th. The stock underperformed when compared to some of its competitors Monday, as Exxon Mobil Corp. XOM fell 0.16% to $62.07, Chevron Corp. CVX rose 0.06% to $107.97, and ConocoPhillips COP rose 0.57% to $60.31.

America based Occidental Petroleum Stock CrashesOccidental Petroleum Corp trading volume (13.8 M) remained 3.3 million below its 50-day average volume of 17.1 M. Houston based petroleum company Occidental Petroleum said on Thursday it would sell some of its acreages in Texas’ Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million.The agreement, which is expected to close in the third quarter of 2021, includes approximately 25,000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10,000 barrels of oil equivalent per day from about 360 active wells, the company said in a press release.

CEO Vicki Hollub said that they continue to advance our divestiture and deleveraging goals while delivering value for our shareholders. This transaction brings our post-Colombia divestiture total to over $1.3 billion of the planned $2 billion to $3 billion, and since August 2019 we have divested more than $9 billion of assets. Occidental sold its onshore assets in Colombia in 2020.

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