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 July 15, 2021, to stockholders on record as of June 10, 2021. The company, a major U.S. oil producer, operates in various regions including the Middle East and Africa. Occidental is committed to advancing a low-carbon world through its Oxy Low Carbon Ventures subsidiary, which focuses on innovative technologies to reduce emissions while growing the business. This dividend reflects the company’s ongoing efforts to provide returns to its shareholders.
Occidental (NYSE: OXY) plans to announce its first quarter 2021 financial results on May 10, 2021, after market close. A conference call to discuss these results will occur the following day at 1 p.m. Eastern/12 p.m. Central. Investors can access the call by phone or through a webcast available on Occidental's investor relations website. The financial results will also be posted on their site for further investor review.
Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (NYSE: OXY), has partnered with Cemvita Factory to construct a bio-ethylene pilot plant. This facility aims to produce one metric ton of bio-ethylene per month by utilizing human-made CO2 as a feedstock, moving away from traditional hydrocarbon sources. The project, which builds on previously successful lab tests, is expected to begin operations in 2022. The collaboration seeks to advance sustainable practices in the chemical industry and reduce overall carbon emissions.
NextDecade Corporation (NASDAQ: NEXT) and Oxy Low Carbon Ventures (NYSE: OXY) have entered a term sheet for the offtake and permanent geologic storage of CO2 from NextDecade’s Rio Grande LNG project in Texas. The project will capture over five million tonnes of CO2 annually, contributing to North America’s largest carbon capture initiative. OLCV will transport and sequester the CO2 in the Rio Grande Valley's extensive storage capacity. NextDecade expects to finalize investment decisions for both the LNG project and the CCS initiative shortly.
Occidental (NYSE: OXY) announced its fourth quarter and full-year 2020 financial results on February 22, 2021. The earnings release is accessible via the company's Investor Relations section and the SEC website. A conference call will be held on February 23, 2021, at 1:00 p.m. Eastern to discuss these results. Occidental operates in the U.S., Middle East, Africa, and Latin America, being a major oil producer. The company focuses on enhancing its oil and gas value through its midstream segment and is committed to reducing emissions via its Oxy Low Carbon Ventures subsidiary.
Occidental (NYSE: OXY) has rescheduled its fourth quarter and full-year 2020 earnings release due to severe winter storms. The new announcement date is set for February 22, 2021, after market close, with a conference call following on February 23, 2021, at 1 p.m. Eastern. Investors can access the conference call via phone or webcast. Financial results will be accessible through the Investor Relations section of Occidental’s website, and a recording of the call will be available after it concludes.
Occidental (NYSE:OXY) announced a quarterly dividend of $0.01 per share on February 11, 2021. This dividend will be payable on April 15, 2021, to shareholders on record as of March 10, 2021. Occidental is a major international energy company, primarily operating in oil production across the U.S., Middle East, Africa, and Latin America, and is committed to advancing lower-carbon technologies.
Occidental (NYSE:OXY) will disclose its fourth quarter 2020 financial results after market close on February 16, 2021. A conference call to discuss these results is scheduled for February 17, 2021, at 11 a.m. Eastern/10 a.m. Central. Interested participants can join the call by calling 1-866-871-6512 or accessing the webcast at oxy.com/investors. A recording of the call will be available on the company's website following its completion.
Occidental (NYSE: OXY) has announced early tender results for its cash purchase offers of various senior notes totaling $2.3 billion, increased from the previous $2 billion. The offers include senior notes due in 2021, 2022, and 2023, with a specific sub-cap of $500 million for the 2.70% 2023 notes. As of December 18, 2020, valid tenders were received for multiple series, achieving requisite consent for most amendments. The tender offers will expire on January 5, 2021, unless extended.
Occidental's subsidiary, Oxy Low Carbon Ventures, has secured a contract for carbon storage consulting services for Project Tundra, aiming to develop the world’s largest carbon capture facility at Milton R. Young Station in North Dakota. The project, led by Minnkota Power Cooperative, focuses on safe carbon dioxide (CO2) sequestration. With over 40 years of carbon management experience, Oxy will ensure compliance with EPA standards. The project is expected to contribute significantly to carbon reduction efforts and is partly funded by U.S. government grants.
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