Largest purchase in 3 years and barley makes a dent in the $344 billion they are sitting on!
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10 sats \ 5 replies \ @BlokchainB 2 Oct
A buffet bailout?
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87 sats \ 4 replies \ @Cje95 OP 2 Oct
Naw they still pay a 2% dividend and have been lowering their debt since that huge buyout years ago Berkshire financed. Chemicals with all the lawsuits on top of being fossil fuel focused is a little much. Esp with their carbon capture tech they are trying to ramp up people onto. Using captured carbon dioxide for enhanced oil recovery is genius. Better performance than the chemicals used and better for the environment… plus government pays you.
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0 sats \ 3 replies \ @BlokchainB 3 Oct
Ahh okay so they were a profitable business
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121 sats \ 2 replies \ @Cje95 OP 3 Oct
Yeah they have had a large debt load since the 2019 acquisition of Anadarko Petroleum for $57 billion. That made it the 4th largest oil company in the world and so they have since sold off odds and ends to pay down the debt levels. They also bought out CrownRock a Permian Basin producer last year for $12 billion and when they announced that purchase they also announced some of the larger pieces were going to be sold off to cover it. OxyChem is valuable so it makes sense.
Oxy has also in the last few years been doing an interesting thing where they are selling off say half of their ownership of a pipeline but keeping half. To me it seems that they are trying to reduce risks associated with various parts of the industry by not being solely responsible.
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0 sats \ 1 reply \ @BlokchainB 3 Oct
You speak as if you are a bag holder!
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114 sats \ 0 replies \ @Cje95 OP 3 Oct
lol I have 4 shares 😂
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