Occidental Petroleum's debt reduction is crucial for its future outlook, according to UBS.

Occidental is one of the largest oil companies in the United States, with a focus on hydrocarbon exploration and production, which makes up 72.8% of its net sales. In 2023, the company plans to sell 234 million barrels of crude oil, 103 million barrels of natural gas liquids, and 18.6 billion cubic meters of natural gas.

Additionally, Occidental generates 18.2% of its revenue from chemical production, including chlorine, caustic soda, and PVC. The remaining 9% of net sales comes from the transportation, storage, and distribution of hydrocarbons. The United States is a significant market for Occidental, contributing 84.6% to its net sales.