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From Times Staff and Wire Reports
Oxy Will Reduce Debt: Occidental Petroleum Corp. said that following its announced sale of its 51% ownership in IBP Inc., together with the receipt of proceeds from the recent Natural Gas Liquids unit sale and proceeds from other asset sales, the Los Angeles-based firm will reduce debt through a call of $960 million of its public debt. Oxy said this call was an additional step toward completion of its previously announced restructuring program intended to reduce debt by $3 billion.
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