With Asset Sales Falling Off the Table, Occidental Petroleum Is Looking at All Other Options to Reduce Debt

Occidental Petroleum's (NYSE: OXY) ambitious plan to pay off the debt it took on to acquire Anadarko Petroleum has encountered many obstacles. Not only has it been unable to close some asset sales, but plummeting crude oil prices took asset values with them, which will make it impossible to achieve the company's target. Because of that, the oil company has had to shift gears as it works to address its massive debt load.

The company's management team discussed its options on its first-quarter conference call. Here's a look at what it might do to stay afloat during these very challenging times.

Image source: Getty Images.

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