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 amended its cash offers to purchase its outstanding senior notes, including 4.10% and 2.600% Senior Notes due 2021, extending the tender deadlines for certain notes until August 28, 2020. The company plans to purchase up to $3 billion in notes, subject to specific purchase price caps for 2022 and 2023 notes. The tender offers expire on September 9, 2020. Holders must act by the new deadlines to receive early tender premiums. This move is part of Occidental's broader financial strategy amid market challenges.
Occidental (NYSE: OXY) has entered a purchase and sale agreement to divest its Wyoming, Colorado, and Utah land grant assets for approximately $1.33 billion to Orion Mine Finance. This transaction, expected to close in Q4 2020, includes around 4.5 million mineral acres. Occidental will retain cash flow from producing oil and gas properties, primarily cost-free royalties. The deal aims to meet their $2 billion divestiture target for 2020, while retaining core assets in the Rockies, including Colorado's DJ Basin.
Occidental (NYSE: OXY) announced an increase in the maximum purchase price for its Tender Offers from $1.5 billion to $3 billion and the cap for 2022 Notes from $200 million to $700 million. This adjustment is contingent on completing a registered offering of senior unsecured debt securities, raising at least $2.95 billion. The Tender Offers expire on September 9, 2020, while early tenders by August 25, 2020, qualify for an early premium. Occidental remains committed to its operational growth while managing its debt effectively.
Occidental Petroleum Corporation (OXY) has initiated cash offers to buy back its outstanding senior notes through Tender Offers, as detailed in its Offer to Purchase and Consent Solicitation Statement dated August 12, 2020. The company is offering to purchase notes with an aggregate maximum price of $1.5 billion, including 4.10% Senior Notes due 2021 and others, before a September 9, 2020 expiration. Early tendering by August 25, 2020, offers higher compensation. The Tender Offers are conditional on the successful completion of a concurrent offering raising at least $1.475 billion.
Occidental (NYSE: OXY) reported its second quarter 2020 financial results on August 10, 2020. The detailed earnings can be accessed through the company's Investor Relations section on its website. An upcoming conference call is scheduled for August 11, 2020, at 11 a.m. Eastern, allowing analysts and investors to discuss the results. Occidental is a major energy industry player, noted for being the largest onshore oil producer in the U.S. and having significant operations in diverse regions including the Middle East and Latin America.
Occidental Petroleum Corporation (NYSE: OXY) has announced the early tender results of its cash offers to purchase various senior notes totaling a maximum aggregate purchase price of $2 billion. As of July 9, 2020, valid tenders were received for several notes, including 4.10% Senior Notes due 2021 and Floating Interest Rate Notes due February 2021, among others. The company plans to execute supplemental indentures after receiving sufficient consent for some notes, while others remain unchanged. The early settlement date for accepted notes is set for July 13, 2020.
Occidental Petroleum Corporation (OXY) will release its second quarter 2020 financial results on August 10, 2020, after market close. A conference call is scheduled for August 11, 2020, at 11 a.m. Eastern/10 a.m. Central to discuss the results. Participants can join by calling 1-866-871-6512 (international callers: 1-412-317-5417) or via a webcast at oxy.com/investors. Q2 results will be published on the company's Investor Relations page, with a recording available post-call.
Occidental Petroleum Corporation (NYSE: OXY) announced an increase in its maximum aggregate purchase price for senior notes from $1,500 million to $2,000 million as part of its Tender Offers. The decision is contingent upon the completion of a concurrent offering generating at least $1,950 million in net proceeds. The Tender Offers will expire on July 23, 2020, and holders have until July 9, 2020, for early tenders to receive a premium. Occidental is also soliciting consents to amend existing covenants related to the Notes.
Occidental Petroleum Corporation (NYSE: OXY) announced a distribution of warrants to its common stockholders, allowing them to purchase additional shares at $22 each. Stockholders will receive 1/8 of a warrant for every share held as of July 6, 2020, with the warrants set to be distributed on August 3, 2020. Each warrant will have a seven-year term. CEO Vicki Hollub emphasized the Board's commitment to maximizing shareholder value through this move, which helps existing stockholders acquire shares without diluting their interests.
Occidental Petroleum Corporation (NYSE: OXY) has initiated cash Tender Offers for its outstanding senior notes, totaling an aggregate maximum purchase price of $1.5 billion, as detailed in its June 25, 2020 press release. The tender includes various senior notes due from 2021 to 2022, with early tender holders eligible for additional premiums. The offers will expire on July 23, 2020, unless extended. The offers are subject to conditions, including a concurrent offering yielding at least $1.475 billion.
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