Occidental Petroleum Corporation: CrownRock acquisition will increase leverage, but add to Midland Basin production and drilling inventory
Our credit view of this issuer reflects its large scale, attractive and diverse asset base, constrained by the additional debt to finance the CrownRock acquisition.Occidental Petroleum has three reporting segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas; chemical, which mainly manufactures and markets basic chemicals (chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates and calcium chloride) and vinyls (vinyl chloride monomer, polyvinyl chloride and ethylene); and marketing and midstream, which purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide and power.
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