Occidental Petroleum

At September 30, 2025, total borrowings at face value were ~$20.8B and cash was ~$2.2B. Management repaid $1.3B in Q3 and expects to use ~$6.5B of OxyChem proceeds to push principal debt below $15B. Ratings sit at Baa3/BBB-/BB+ (Moody’s/Fitch/S&P), with Fitch outlook recently positive; preferred dividends remain a sizable cash claim.

Net leverage is improving, liquidity is adequate, and the debt ladder has been actively managed, but absolute leverage and preferred obligations constrain flexibility versus best‑in‑class peers.