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Bond Market News
Occidental Upgraded to BBB by Fitch
February 27, 2026
Occidental Petroleum (Oxy) was upgraded by a notch to BBB from BBB- by Fitch. The upgrade reflects faster than expected progress on deleveraging and improving operating efficiency. The company has repaid about $5.4bn of debt YTD and plans a further $700mn reduction through a tender offer. Following these actions, total debt is expected to fall to roughly $14.3bn. Over the past 20 months, Oxy has reduced debt by about $13.9bn, lowering annual interest expense by approximately $740mn. According to Fitch, Oxy’s scale and diversification, liquids-weighted production and strong position in the Permian Basin support the ratings. Oxy’s operational performance has improved through efficiency gains. This includes a $575mn reduction in capex and operating expenditures in 2025. Free Cash Flows are expected to benefit from a lower capex outlook for 2026. Oxy is targeting an additional $500mn in structural cost savings by 2026.
It’s dollar bonds traded stable. For instance, the 6.125% 2031s was at 107.4, yielding 4.23%
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