02:36 PM EDT, 05/03/2024 (MT Newswires) -- Occidental Petroleum ( OXY ) is looking into possibility of a sale of a portion of its operations in the Permian Basin that could be valued at more than $1 billion, Reuters reported Friday, citing people familiar with the matter.

The potential sale of the assets in the Barilla Draw region of Texas, located within the Delaware portion of the Permian Basin, is part of the company's plan to cut its debt, the sources said, according to the report.

Occidental Petroleum ( OXY ) did not immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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