Oxy under pressure

Crumbling revenues heighten concerns over looming debt maturities and the firm’s ability to avoid becoming another high-profile casualty

The first half of the year has proven disastrous for many firms operating across the US shale patch. Punishing economic conditions have proven foolhardy previous strategies of prioritising production growth, often financed by ever-increasing debt, with domestic bankruptcies rapidly gathering pace. For US independent Occidental Petroleum, the volatile market conditions have drawn eyes to the company’s mammoth debt maturities amid fears for its long-term survival. Oxy faces a wall of over $40bn in debt payments starting next year—mainly due to last year’s controversial merger with fellow indie Anadarko. The firm posted a $10.6bn net loss across the first six months of 2020, further adding to i