Occidental Seeks OK to Sell 20 Million Shares
- Share via
<i> United Press International</i>
Los Angeles-based Occidental Petroleum Corp. sought government approval today for the public sale of an additional 20 million shares of common stock to reduce the company’s long-term debt, up about $1 billion in the last year.
The sale of the stock, which has been trading near $30 a share, would raise almost $600 million. Following the announcement, the price of Occidental stock dropped $1 to $28.25 a share in midday trading on the New York Stock Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
