06:42 AM EST, 02/19/2025 (MT Newswires) -- Occidental Petroleum ( OXY ) said late Tuesday that it met its near-term debt repayment target of $4.5 billion in Q4 of last year and signed two agreements in Q1 2025 to divest upstream assets to undisclosed buyers for $1.2 billion.

The divestitures include non-operated assets in the Rockies and Permian Basin assets that aren't part of Occidental's near-term development plan, it said.

Proceeds will be used to pay down the remaining 2025 debt maturities, with the deals expected to close in Q1, the company added.