The company separately said it would buy back up to $1.5 billion worth of senior notes due in 2021 and 2022 as it tries to reduce its debt, which ballooned to $40 billion after an ill-timed acquisition of Permian producer Anadarko last year. Occidental said it expects preliminary oil and gas production from continuing operations for the second quarter to lean toward the high-end of range of 1.3 million-1.4 million barrels of oil equivalent per day (mboed). The Anadarko purchase saddled Occidental with a huge debt and the oil-price crash has cut the value of assets Occidental picked up in the deal, dashing its hopes of selling some of them to pay down the debt.
