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
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
