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) has announced an increase in the maximum aggregate purchase price for its ongoing Tender Offers from $1.5 billion to $2 billion. The purchase cap for its 2.70% Senior Notes due 2023 has also risen from $150 million to $500 million. The offers are contingent on generating at least $2 billion from a concurrent debt securities offering. The Tender Offers will expire on January 5, 2021. This move aims to enhance liquidity and reduce debt obligations, demonstrating Occidental's proactive financial management strategies.
Occidental (NYSE: OXY) has launched cash tender offers for its outstanding senior notes, aiming for up to $1.5 billion in purchases. Notable notes include 2.600% due 2021 and 3.125% due 2022, with total considerations varying. The offers end on January 5, 2021. Early tender submissions by December 18, 2020, qualify for additional premiums. The offers are contingent on proceeds from a $1.5 billion senior debt issuance. The firm intends to amend covenants in the notes, potentially easing restrictions for holders.
Occidental (NYSE:OXY) released its 2020 Climate Report, outlining a strategy to achieve net-zero emissions in operational and energy-use emissions by 2040, and total emissions inventory by 2050. The report details progress on climate-related governance, risk management, and metrics for reducing greenhouse gas emissions. President and CEO Vicki Hollub emphasized innovation as a key driver for minimizing operational impacts while expanding business. Further information is available on oxy.com.
Occidental (NYSE: OXY) announced its third quarter 2020 financial results on November 9, 2020. The earnings release and financial schedules are available on the company's website and the SEC's site. A conference call will take place on November 10, 2020, at 11 a.m. Eastern, which can be accessed via call or webcast. Occidental is a global energy company, prominently active in oil production and chemical manufacturing, with a commitment to emissions reduction.
Occidental (NYSE:OXY) announced a quarterly dividend of $0.01 per share, set for January 15, 2021, to shareholders on record as of December 10, 2020. This reflects the company's ongoing commitment to return capital to investors despite the current economic climate. Occidental continues to operate as a leading energy company with extensive activities in the U.S. and internationally, focusing on oil production and low carbon technologies.
Occidental (NYSE:OXY) is set to announce its third quarter 2020 financial results on November 9, 2020, after the market closes. A conference call to discuss these results will occur on November 10, 2020, at 11 a.m. Eastern/10 a.m. Central. Interested parties can access the call by phone at 1-866-871-6512 or via webcast at oxy.com/investors. The results will be accessible on the company's Investor Relations page following the announcement.
Occidental (NYSE: OXY) has agreed to sell its Colombian onshore assets to The Carlyle Group for approximately $825 million, with $700 million to be received upfront. The transaction, expected to close in Q4 2020, encompasses operations in the Llanos Norte, Middle Magdalena, and Putumayo Basins. Following the sale, Occidental will retain offshore exploration blocks in Colombia. This divestiture is part of a broader strategy, with over $2 billion in asset sales announced in 2020.
On September 10, 2020, Occidental (NYSE: OXY) announced the expiration of its cash tender offers for various senior notes totaling a maximum purchase price of $3 billion. The offers included multiple series of notes due in 2021, 2022, and 2023. As of the expiration date, only some 2021 notes were validly tendered and accepted, with no additional tenders received for the 2022 and 2023 notes after their early tender times. Notably, no requisite consents were obtained for proposed amendments to the indentures for any series of consent notes, meaning existing covenants remain intact.
Occidental (NYSE: OXY) has announced a quarterly dividend of $0.01 per share, payable on October 15, 2020, to stockholders of record as of September 15, 2020. This decision reflects the company's ongoing commitment to returning value to shareholders despite the challenging economic landscape.
As one of the largest oil producers in the U.S., Occidental operates in various regions, including the Permian and DJ basins and offshore Gulf of Mexico. The company is also engaged in developing technologies for a lower-carbon world.
Occidental (NYSE: OXY) announced early tender results for its Tender Offers involving several senior notes, including the 4.10% Senior Notes due 2021 and various 2022 and 2023 Notes. As of August 28, 2020, valid tenders amounted to $138.6 million for the 4.10% notes, with total acceptances across different notes reaching approximately $2.5 billion. The offers will have a maximum aggregate purchase price cap of $3 billion, with specific caps for 2022 and 2023 Notes. Tendering holders will receive a total consideration that includes early tender premiums, with settlement expected on September 1, 2020.
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