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Occidental Petroleum (NYSE:OXY) is thinking about selling part of its operations in Texas’ Permian Basin, which could bring in over $1 billion, according to Reuters.

This sale is part of Occidental’s bigger plan to cut down its massive debt load of $18.5 billion. Occidental is getting help from financial advisors to find a buyer for its assets in the Barilla Draw area. However, there’s no guarantee this sale will go through, and shares fell slightly in today’s trading.

In addition, Occidental’s CEO, Vicki Hollub, shared that a delay in regulatory approval has pushed back the company’s $12 billion deal to buy CrownRock to later this year, which has delayed plans to sell other assets worth about $6 billion. Nevertheless, Occidental is pushing ahead with selling the Barilla Draw assets that cover about 27,500 acres and are currently pumping out roughly 24,400 barrels of oil equivalent each day.

OXY’s Earnings Preview

OXY is expected to report earnings on May 7,

https://www.msn.com/en-us/money/markets/occidental-petroleum-nyse-oxy-considers-selling-1b-in-assets/ar-AA1o72Yg