The Shares of Occidental Petroleum Corp. rose 3.08% to $26.14 Monday. This proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.27% to 4,192.66 and the Dow Jones Industrial Average DJIA rising 0.70% to 34,113.23. The stock’s rise broke a two-day losing streak.
Occidental petroleum Corp started 2020 with a heavy debt load and a large oil business to integrate into its operations. It was a difficult year, it turned out bad, as the economic shutdowns put in place to try and slow the spread of the coronavirus upended the oil market. The company reduced long-term debt by 24%. The petroleum firm has a Total Shareholder Return of -62% for the last 3 years. The oil firm operates through three segments: Oil and Gas, Chemical and Midstream and Marketing. Its Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas. Its OxyChem segment primarily manufactures and markets basic chemicals and vinyl. OxyChem also manufactures polyvinyl chloride (PVC) resins, chlorine and caustic soda and has manufacturing facilities in the United States, Canada and Latin America