Enter multiple symbols separated by commas

Occidental Petroleum Plans to Sell Stake in Lyondell Chemical

Oil and gas producer Occidental Petroleum said Friday it plans to sell its 8.3% stake in Lyondell Chemical.

The company said it sold roughly 7 million of its 21 million shares in Lyondell to a single buyer in a private transaction for more than $32 per share.

It also entered a total return swap agreement on the remaining 14 million shares, giving Occidental the opportunity to realize a similar market price on future sales of the shares.

If the remaining 14 million shares are sold on the open market and including receipts from the completed sale, Occidental sees proceeds of about $520 million from the sale and a net gain of about $200 million.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • CEO discuss the 'Buffett factor'

    John Stumpf, Wells Fargo chairman & CEO; Kenneth Chenault; American Express chairman & CEO; Ginni Rometty, IBM chairman & CEO; and Muhtar Kent, Coca-Cola chairman & CEO, discuss their relationships with Warren Buffett and marvel at just how easy it's been to communicate with him.

  • Rometty on Watson: He never stops learning

    IBM CEO Ginni Rometty talks Watson, and how it's going to help people make decisions. It never stops learning, she says. Rometty also discusses the company's dividend.

  • Why Buffett bought more IBM

    Berkshire CEO Warren Buffett addresses his purchase of more IBM shares and allegations of predatory lending at Clayton Homes.