Los Angeles Business Journal

Oxy Considers Selling 40 Percent of Mideast Operations

By Justin Yang Friday, September 13, 2013

Occidental Petroleum Corp. is considering selling up to 40 percent of its Middle East operations, Bloomberg reported Friday.

Bloomberg cited sources that said Occidental Chief Executive Stephen Chazen valued the Middle Eastern assets at about $20 billion, so the sale could bring in $8 billion.

The future of the Westwood oil company’s foreign assets has been in question since Chazen strengthened his position at Occidental after a power struggle with former chairman and CEO Ray Irani.

Analysts said Occidental could sell off operations in California, New Mexico and Texas if the sales of international assets do not raise the share value enough.

Occidental shares lost $1.52 Friday, nearly 1.7 percent, to close $89.52 on the New York Stock Exchange.

Check out the Business Journal’s previous coverage of this issue:

Overseas Presence Built Up by Irani May Soon Vanish