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
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
