Occidental Petroleum (OXY.N) said on Tuesday that it had struck two deals in the current quarter to divest some upstream assets to undisclosed buyers for a total of $1.2 billion, although its current-quarter production forecast fell short of expectations.

The transactions, which include Rockies non-operated assets and Permian Basin assets that are not part of the company's near-term development plan, are expected to close by the end of the current quarter.