Occidental to Drop 3 Permian Rigs, Prioritize Debt Reduction Over Buybacks

Hyperdash News08/06/2026 17:53 UTCEquities

Occidental Petroleum announced plans to reduce its Permian Basin rig count by three. The company expects to bring 15 additional wells online in the fourth quarter. Occidental's Chief Financial Officer indicated that ongoing share buyback programs will be a lower priority until preferred equity is redeemed.

The company will likely prioritize debt reduction if market conditions are favorable. This strategic shift suggests a focus on strengthening the balance sheet over returning capital to shareholders through buybacks in the near term. Hyperdash markets have

WTI Crude down -0.03% and

Brent Crude off -0.03% since the news.

Sources

First Squawk

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