Occidental Petroleum Prepares to Release Q3 Earnings Amid Debt Reduction Efforts

Analysts predict a 37% drop in profits as the company focuses on reducing debt from its CrownRock acquisition.

Occidental Petroleum is expected to report Q3 earnings of 74 cents per share, down from $1.18 a year ago, with revenue projected at $7.23 billion.
The company is committed to reducing its debt by $4.5 billion within a year, following its $12 billion acquisition of CrownRock.
Occidental has already achieved a $3 billion reduction in principal debt through organic cash flow and asset divestitures.
Warren Buffett's Berkshire Hathaway holds a significant 28.2% stake in Occidental, alongside preferred stock and warrants for additional shares.
The company's stock has been fluctuating, recently closing at $50.81, with a focus on dividend yields and potential investor returns.