NEW YORK (TheStreet) -- Occidental Petroleum (OXY) is in negotiations to sell at least a fifth of its 24.5% stake in Dolphin Energy to Mubadala Development, an Abu Dhabi-owned investment firm, according to the Wall Street Journal.
Mubadala already owns a 51% steak in the Dolphin Energy pipeline project, valued at $3.5 billion, which has the capacity to transport up to 3.2 billion cf/day of gas from Qatar to the United Arab Emirates and Oman.
Reports also suggest that Occidental Petroleum may be in talks to sell up to a 30% stake in its $10 billion Shah natural gas project to Mubadala.
TheStreet Ratings team rates OCCIDENTAL PETROLEUM CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCCIDENTAL PETROLEUM CORP (OXY) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, increase in net income, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: