Occidental to Increase Dividend Payments after Cutting Debt, CEO Vicki Hollub Says

The company, which earlier this week declared a quarterly dividend of a penny per share on common stock, did not specify by how much its dividends would increase.

Sabrina Valle, Reuters

U.S. oil producer Occidental Petroleum Corp. will increase dividend payments to shareholders once it gets debt levels to $25 billion, CEO Vicki Hollub said on Nov. 5.

"We are going to get there sooner than we expected," Hollub told analysts on a call to comment on the company's third-quarter results.

Occidental quadrupled its debt in 2019 to $40 billion after buying rival oil producer Anadarko Petroleum and its prized assets in the United States' huge Permian shale oilfield.

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