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Occidental Petroleum Corporation (NYSE: OXY) is an international energy company that produces, markets and transports oil and natural gas, with assets primarily in the United States, the Middle East and North Africa. The company describes itself as one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins and offshore Gulf of America, and it emphasizes a focus on carbon management and low-carbon ventures through its Oxy Low Carbon Ventures subsidiary.
The OXY news feed on Stock Titan aggregates company announcements, press releases and other coverage related to Occidental’s operations and corporate actions. Readers can follow updates on quarterly and annual financial results, including earnings releases that the company furnishes on Form 8-K, as well as notices about upcoming earnings conference calls and related earnings considerations that management believes will impact results.
News for Occidental also includes information on dividends declared by the Board of Directors, asset divestitures and acquisitions. Recent examples in the supplied materials include announcements about divestitures of select Permian Basin assets for debt reduction, the acquisition of CrownRock, L.P., and the agreement and subsequent completion of the sale of Occidental’s chemical business, OxyChem, to Berkshire Hathaway Inc. for cash consideration, as reported in joint press releases and Form 8-K filings.
Occidental’s communications often highlight its midstream and marketing segment, its low-carbon ventures, and its efforts to manage its balance sheet through debt reduction and portfolio high-grading. By following the OXY news page, users can track these developments, review official company statements and monitor how Occidental describes its evolving portfolio and strategic priorities over time.
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.
Occidental (OXY) has announced a regular quarterly dividend of $0.22 per share on common stock, payable to stockholders on July 15, 2024. The dividend will be distributed to stockholders of record as of June 10, 2024.
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