Welcome to our dedicated page for Occidental Pet news (Ticker: OXY), a resource for investors and traders seeking the latest updates and insights on Occidental Pet 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.
Western Midstream Partners, LP (NYSE: WES) has announced a secondary public offering of 19,000,000 common units by affiliates of Occidental (NYSE: OXY). The Selling Unitholders are granting Barclays, the sole underwriter, a 30-day option to purchase up to 2,850,000 additional units. WES is not selling any units and will not receive proceeds from the offering. The offering is subject to market conditions and there's no guarantee of completion. It will be made through a prospectus supplement and base prospectus, part of a shelf registration statement effective March 30, 2023. Barclays Capital Inc. is managing the offering, with materials available through them or the SEC website.
Occidental (NYSE: OXY) has announced its second quarter 2024 financial results. The company will hold a conference call to discuss these results on August 8, 2024, at 1 p.m. Eastern/12 p.m. Central. Investors and interested parties can access the earnings release and accompanying financial schedules through Occidental's Investor Relations website or the SEC's website. The conference call can be joined by calling 1-866-871-6512 (international: 1-412-317-5417) or via webcast at oxy.com/investors. Pre-registration for the call is available. A recording of the webcast will be posted on the company's Investor Relations website shortly after the call concludes.
Permian Resources (NYSE: PR) reported its second quarter 2024 results and revised its full-year guidance upwards. The company announced daily oil production of 152.9 MBbls/d and total production of 338.8 MBoe/d, marking increases of 1% and 6%, respectively, from the previous quarter.
Operating efficiency improved, with controllable cash costs down by 8% and drilling costs per foot reduced by 13% from 2023. The company generated adjusted free cash flow of $332 million and returned $193 million to shareholders via dividends and share repurchases. Additionally, Permian completed the acquisition of 29,500 net acres from Occidental for $817.5 million.
Updated guidance now forecasts oil production of 151-153 MBbls/d and total production of 320-330 MBoe/d. The company's financials also showed net cash provided by operating activities of $938 million and $1.10 per adjusted basic share.
Occidental (NYSE: OXY) has announced the termination of its Exchange Offer and Consent Solicitation for CrownRock Notes. The offer aimed to exchange any and all outstanding 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. for up to $376,084,000 aggregate principal amount of new 5.000% Senior Notes due 2029 to be issued by Occidental and cash. As a result of the termination:
- No total consideration will be paid to holders who validly tendered their CrownRock Notes
- Tendered CrownRock Notes will be promptly returned to holders
- Proposed amendments to the CrownRock Indenture will not become effective
Global Bondholder Services served as the exchange agent and information agent for the terminated offer.
Occidental (NYSE: OXY) has successfully completed its acquisition of CrownRock, L.P., as announced on August 1, 2024. This strategic move strengthens Occidental's portfolio, which the company now considers to be at its strongest and most differentiated in its history. President and CEO Vicki Hollub emphasized the significance of the acquisition, highlighting the addition of valuable assets and the integration of new team members. The combined workforce is expected to focus on the safe and efficient development of low-emission, low-cost energy, aligning with industry trends towards sustainability and cost-effectiveness.
Permian Resources (NYSE: PR) has announced a strategic bolt-on acquisition of core Delaware Basin assets from Occidental (NYSE: OXY) for $817.5 million. The deal includes ~29,500 net acres, ~9,900 net royalty acres, and ~15,000 Boe/d production, primarily in Reeves County, Texas. Key highlights include:
1. Over 200 gross operated, two-mile locations with high NRIs
2. Substantial midstream assets, including >100 miles of pipelines and water infrastructure
3. Attractive valuation at ~3.4x 2025E EBITDAX and ~17% free cash flow yield
4. Accretive to cash flow, free cash flow, and NAV per share
5. Financed through a combination of equity and debt
6. Expected to maintain leverage of ~1x net debt-to-EBITDAX
The transaction is set to close by the end of Q3 2024, with an effective date of July 1, 2024.
Occidental (NYSE: OXY) has announced significant progress in its divestiture and debt reduction program. The company has agreed to sell certain Delaware Basin assets to Permian Resources for approximately $818 million. Additionally, Occidental has completed several dispositions in 2024, totaling approximately $152 million. These transactions bring the total year-to-date proceeds of closed or announced divestments to $970 million.
The sales are part of Occidental's previously announced $4.5 billion-$6 billion divestiture program, aimed at derisking the financing of the CrownRock acquisition and accelerating shareholder returns. The assets being sold to Permian Resources include 27,500 net acres in the Barilla Draw Field of the Texas Delaware Basin and 2,000 net acres in the New Mexico Delaware Basin, with combined net production estimated at 15,000 barrels of oil equivalent per day for Q4 2024.
Occidental (NYSE: OXY) has announced a regular quarterly dividend of $0.22 per share on common stock. The dividend will be payable on October 15, 2024, to stockholders of record as of the close of business on September 10, 2024. This announcement demonstrates Occidental's commitment to returning value to shareholders through consistent dividend payments. The declaration of a regular quarterly dividend suggests stability in the company's financial position and confidence in its ability to generate cash flow.
Occidental (NYSE: OXY) has launched a private exchange offer for CrownRock's 5.000% Senior Notes due 2029, offering up to $376,084,000 in new Occidental Notes and cash. This offer is linked to Occidental's planned acquisition of CrownRock, announced on December 10, 2023. The exchange offer includes a consent solicitation to amend the CrownRock Notes' indenture, removing certain restrictive covenants and events of default.
Eligible holders tendering by the Early Participation Date (August 1, 2024) will receive the Total Consideration, including a $2.50 cash Consent Payment and $30 Early Participation Premium in Occidental Notes per $1,000 of CrownRock Notes. The exchange offer expires on August 16, 2024, with an expected early settlement date in August 2024, coinciding with the CrownRock acquisition closing.
Occidental (NYSE: OXY) has announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its acquisition of CrownRock, L.P. has expired. This expiration satisfies the conditions for closing, except those to be fulfilled at the closing itself. The CrownRock acquisition is expected to close in August, following the completion of the financing marketing period outlined in the purchase agreement.
President and CEO Vicki Hollub expressed anticipation for closing the transaction and integrating CrownRock's team. Occidental is also progressing with a divestiture program aimed at enhancing its portfolio and optimizing shareholder returns.
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