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Occidental Petroleum Corporation Message Board

  • stock_watch_900 stock_watch_900 Oct 30, 2013 1:05 AM Flag

    Chazen: Share Buyback Coming Soon!

    "We have a lot of cash in the balance sheet. We had $3.8 at the end of the quarter plus the money from the sale of the midstream assets. We would expect to begin a repurchase of some shares shortly. As far as the scale goes, we’re not going to build cash. We’re not going to pay down the debt reduction to be proportional. So if we sell 10% of the assets maybe the debt will go down 10%. We only have about of $7 billion of debt.

    So you should expect the bulk of the proceeds to go towards share repurchases and else we’re not going to build cash. "

    Sentiment: Strong Buy

77.17-0.19(-0.25%)Aug 26 4:02 PMEDT