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Occidental Petroleum (NYSE: OXY) delivers essential energy resources through innovative exploration and production technologies. This news hub provides investors and industry professionals with direct access to verified corporate announcements, strategic updates, and operational developments.
Track OXY's latest earnings reports, sustainability initiatives, and partnership announcements in one centralized location. Our curated collection includes press releases on reservoir discoveries, carbon management projects, and OxyChem manufacturing updates - all critical for understanding the company's position in evolving energy markets.
Key coverage areas include quarterly financial results, asset portfolio changes, technological advancements in extraction methods, and regulatory compliance updates. Each entry maintains strict editorial standards to ensure factual accuracy and relevance for both institutional and individual stakeholders.
Bookmark this page for streamlined access to Occidental Petroleum's official communications. Combine real-time updates with historical context to analyze OXY's market trajectory and operational efficiency within the global energy sector.
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.
Occidental (NYSE: OXY) will release its second quarter 2024 financial results after market close on August 7, 2024. The company will host a conference call to discuss these results on August 8, 2024, at 1 p.m. Eastern/12 p.m. Central. Interested parties can join the call by dialing provided numbers or via a webcast on the company's investor relations page. The webcast recording will be available on the website shortly after the call.
On June 11, 2024, Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (NYSE: OXY), announced a partnership with TAE Technologies to explore using TAE's fusion technology for emissions-free power and heat at Direct Air Capture (DAC) facilities. This agreement aims to complement Occidental's low-emission energy sources, including solar and NetPower, depending on location and future technological advancements. The collaboration offers TAE Technologies a platform to demonstrate the reliability, cost savings, and safety of their power management systems in commercial settings. OLCV's Vice President, Frank Koller, and TAE Technologies' CEO, Michl Binderbauer, emphasized the potential of fusion energy for sustainable, large-scale power generation.
Occidental (NYSE: OXY) and BHE Renewables have announced a joint venture to commercialize TerraLithium’s Direct Lithium Extraction (DLE) technology. The venture aims to extract high-purity lithium from geothermal brine at BHE's Imperial Valley facility in California. This initiative could transform the region into a global leader in lithium production and provide a significant boost to the renewable energy and electric vehicle sectors. The project will demonstrate the feasibility of producing lithium in an environmentally safe manner and upon success, expand to build commercial lithium production facilities both in and outside the Imperial Valley.
Select Water Solutions (NYSE: WTTR) and Occidental (NYSE: OXY) have achieved a significant milestone at their South Curtis Ranch facility in the Midland Basin, successfully treating and recycling over 50 million barrels of produced water since its inception in March 2021. This facility exemplifies sustainable water management by reducing freshwater consumption and waste, reflecting both companies' commitment to environmental stewardship. The achievement highlights the collaborative efforts and dedication of both teams to adopt long-term water recycling programs, providing economic value and environmental benefits to the community.
Occidental (NYSE: OXY) reported its first quarter 2024 financial results, with details available on its website and the SEC's site. The company will hold a conference call on May 8, 2024, to discuss the results.
