Welcome to our dedicated page for Occidental Petroleum Corporation news (Ticker: OXY), a resource for investors and traders seeking the latest updates and insights on Occidental Petroleum Corporation stock.
Occidental Petroleum Corporation (NYSE: OXY) is one of the largest independent oil and gas exploration and production companies in the U.S., based on market capitalization. Headquartered in Houston, Texas, the company has a significant presence in the energy sector worldwide, with core operations concentrated in the United States, the Middle East, and Latin America.
At its core, Occidental focuses on oil and natural gas exploration and production, backed by a robust portfolio of long-lived assets with significant growth potential. In 2023, Occidental reported net proved reserves of nearly 4 billion barrels of oil equivalent, with an average net production of 1,234 thousand barrels of oil equivalent per day. The company’s operations are evenly split between oil and natural gas liquids and natural gas.
Occidental is also a leader in applying advanced technology to enhance production and recover hard-to-access reserves. This technological edge positions the company to navigate the complexities of the modern energy market effectively.
One of the notable subsidiaries of Occidental is Occidental Chemical Corporation (OxyChem), a leading North American chemical manufacturer. OxyChem produces essential chemicals that are fundamental to various industries, contributing significantly to Occidental’s diverse business portfolio.
Recently, Occidental made headlines with its plan to acquire Midland-based oil and gas producer CrownRock L.P. for approximately $12.0 billion. This strategic acquisition is expected to expand Occidental’s footprint in the Midland Basin and enhance its production capabilities. The transaction is anticipated to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions.
In addition to its oil and gas ventures, Occidental is committed to sustainability through its subsidiary, Oxy Low Carbon Ventures. This division focuses on advancing technologies that economically grow the business while reducing emissions. The company is leveraging its expertise to develop carbon management solutions and support the global transition to a lower-carbon economy.
Furthermore, Occidental has engaged in collaborative efforts to treat and recycle produced water, demonstrating its dedication to environmental stewardship. Partnerships with companies like Select Water Solutions, Inc. underline its commitment to sustainable practices in the energy sector.
Occidental’s significant advancements in direct lithium extraction (DLE) technology through its subsidiary TerraLithium highlight its innovative approach to sourcing high-purity lithium, a critical component in batteries for electric vehicles and energy storage. This initiative represents a vital contribution to the energy transition and sustainable technology development.
With a workforce of over 40,000 employees and contractors globally, Occidental is not only an industry leader in production but also in innovation and sustainability. The company continues to build on its legacy by expanding its capabilities and adapting to the dynamic business environment.
Occidental (NYSE: OXY) announced a quarterly dividend of $0.01 per share, payable on January 14, 2022, to shareholders on record as of December 10, 2021. The company, based in Houston, is a major player in the energy sector with extensive operations in oil production across the U.S., including the Permian Basin and Gulf of Mexico. Occidental emphasizes its commitment to advancing lower-carbon technologies through its subsidiary Oxy Low Carbon Ventures, aiming to enhance sustainability while maximizing asset value.
Occidental (NYSE: OXY) has announced the sale of its interests in two offshore fields in Ghana for $750 million, with $550 million going to Kosmos Energy and $200 million to Ghana National Petroleum Corporation (GNPC). The sale includes assets from the Jubilee and TEN fields, which produced 22 thousand barrels of oil equivalent per day in Q2 2021. This divestiture aligns with Occidental's post-Colombia strategy and will contribute to debt reduction, complementing the $4.5 billion repaid so far this year.
Occidental (NYSE:OXY) will release its third quarter 2021 financial results following the market close on November 4, 2021. A conference call to discuss these results is scheduled for November 5, 2021, at 1 p.m. ET. Investors can access the conference call by calling 1-866-871-6512 or via webcast at oxy.com/investors. The financial results will also be available on the company's Investor Relations website shortly after the call.
On August 3, 2021, Occidental (NYSE: OXY) reported its second quarter financial results. The earnings release is accessible via their Investor Relations section and the SEC website. A conference call is scheduled for August 4, 2021, to discuss these results, available by phone or webcast. Occidental is a major U.S. oil producer active in several global markets, and it is committed to advancing emission-reducing technologies through its subsidiaries. For further information, visit oxy.com.
Occidental (NYSE: OXY) has announced a quarterly dividend of $0.01 per share, payable on October 15, 2021, to shareholders recorded by September 10, 2021. This distribution reflects the company's ongoing commitment to returning value to its investors amidst its operations as a top oil producer in the U.S., primarily in the Permian and DJ basins, and the Gulf of Mexico. Occidental continues to focus on sustainable business practices through its Oxy Low Carbon Ventures subsidiary, which promotes technologies for emission reduction.
Occidental (NYSE: OXY) has announced the early tender results for its cash offers to purchase various outstanding Senior Notes. The company has increased the maximum aggregate purchase price from $2.5 billion to $3.1 billion and raised the purchase limit for certain 2026 Notes. As of July 13, 2021, valid tenders have been accepted, with early settlement set for July 15, 2021. Consent solicitations for amendments to certain Notes have succeeded in some cases while failing in others. Tender offers expire on July 27, 2021, unless extended.
Occidental (NYSE: OXY) will announce its second quarter 2021 financial results after market close on August 3, 2021. A conference call to discuss these results is scheduled for August 4, 2021, at 1:00 PM Eastern / 12:00 PM Central.
Investors can access the call by calling 1-866-871-6512 or via webcast. Pre-registration is available for participants. The financial results will also be accessible via the Investor Relations section of the company's website.
Occidental Petroleum has initiated cash tender offers for its outstanding senior notes totaling up to $2.5 billion. The tender offers include various series of notes due from 2022 to 2026, each with distinct tender offer considerations and early tender premiums. The offers will expire on July 27, 2021, unless extended. Additionally, Occidental is soliciting consents for amendments to certain covenants associated with specific notes. The offers are not contingent on a minimum amount of notes being tendered and are subject to certain conditions outlined in the Offer to Purchase.
Occidental (NYSE: OXY) announced an agreement to sell non-strategic acreage in the Permian Basin to Colgate Energy Partners III for $508 million. The deal involves about 25,000 net acres with current production of 10,000 barrels of oil equivalent per day. Expected to close in Q3 2021, proceeds will be used for debt reduction. This sale contributes to Occidental's goal of divesting $2 billion to $3 billion in assets, bringing the total to over $1.3 billion since the Colombia divestiture.
Occidental (NYSE: OXY) announced its first quarter 2021 financial results on May 10, 2021. Details on the earnings release are accessible through the company’s website and the U.S. SEC. A conference call will be held on May 11, 2021, at 1 p.m. Eastern to discuss these results. Occidental is a major player in the energy sector, with extensive operations in the U.S. and internationally. The company focuses on oil production and carbon management, including initiatives aimed at reducing emissions through its Low Carbon Ventures subsidiary.
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