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.