First, Occidental has about $30 billion in debt on its balance sheet, as of the end of the fourth quarter, and observers view extremely high oil prices as a boon for overleveraged O&G producers like OXY. Occidental can use its windfalls to reduce its debt and maybe even buyback shares. At the end of February, CEO Vicki Hollub said Occidental has "no need and no intent to invest in production growth." Instead, it would focus entirely on reducing debt and "rewarding" shareholders.