Occidental Petroleum's stock plummeted 5.13% in after-hours trading on Monday, erasing earlier gains from the regular session.
The sharp decline followed the company's announcement that it has upsized its cash tender offers for senior notes and debentures to $1.2 billion from $0.7 billion. Investors may have reacted negatively to the increased cash outlay for debt repurchases, which could impact the company's liquidity or signal concerns about its balance sheet.
During the intraday session, Occidental shares had risen alongside other energy stocks as oil prices surged above $100 per barrel amid escalating Middle East tensions.
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