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) is set to announce its first quarter 2023 financial results on May 9, 2023, after market close. A conference call to discuss these results will take place on May 10, 2023, at 1 p.m. Eastern Time (12 p.m. Central Time). Investors can participate by calling 1-866-871-6512 or through a webcast available on oxy.com/investors. The financial results will be posted in the Investor Relations section of Occidental's website shortly after the call.
Occidental is a major energy player with significant assets in the U.S., Middle East, and North Africa, primarily recognized for its operations in the Permian Basin and Gulf of Mexico. The company also focuses on enhancing environmental sustainability through its Oxy Low Carbon Ventures subsidiary.
1PointFive and the Houston Astros have struck a deal for the purchase of carbon dioxide (CO2) removal credits from 1PointFive's Direct Air Capture (DAC) plant under construction in Texas. This partnership aims to enhance the Astros' environmental commitment and work towards a carbon-neutral footprint in their ballpark operations over the next three years. DAC technology captures CO2 from the atmosphere, which will be stored securely underground. Both parties expressed enthusiasm about the collaboration's potential to address carbon emissions and improve sustainability efforts.
1PointFive, a carbon capture company, has leased over 55,000 acres along the Texas Gulf Coast to develop a new carbon capture and sequestration hub. This site has the potential to store approximately 1.2 billion metric tons of CO2 and aims to support emissions reduction for industrial facilities. The hub, located in proximity to major refineries and chemical plants, is expected to be operational by 2026. 1PointFive is moving forward with regulatory permits and is collaborating with Enterprise Products Partners for a CO2 transportation solution. These efforts align with the company's mission to reduce global temperature rise.
Occidental (NYSE:OXY) released its fourth quarter 2022 financial results on February 27, 2023. Access to the earnings release can be found on their Investor Relations webpage, as well as on the U.S. Securities and Exchange Commission's site. A conference call to discuss the results is scheduled for February 28, 2023, at 1 p.m. Eastern/12 p.m. Central, accessible via a phone call or webcast. Occidental is a major U.S. oil producer with significant operations in the Permian and DJ basins and is committed to advancing lower-carbon solutions through its subsidiary Oxy Low Carbon Ventures.
Occidental (NYSE: OXY) has declared a quarterly dividend of $0.18 per share, payable on April 17, 2023. This increases the annual dividend to $0.72 per share, up from $0.52, reflecting the company's commitment to returning value to shareholders. The dividend is payable to stockholders of record as of March 10, 2023. Occidental is a major oil producer in the U.S., with significant operations in the Permian and DJ basins, as well as offshore Gulf of Mexico. The company focuses on reducing emissions through its Oxy Low Carbon Ventures subsidiary.
Occidental (NYSE: OXY) has appointed Ken Robinson to its Board of Directors, effective February 16, 2023. Robinson brings over 40 years of experience in global finance, accounting, and enterprise risk management, having held senior positions at companies like Exelon Corporation and Procter & Gamble. Jack Moore, Chairman of the Board, highlighted Robinson's strategic and financial oversight skills as valuable for shareholders. Robinson expressed his enthusiasm for joining Occidental during a pivotal time focused on climate action and improving its financial standing.
Occidental (NYSE: OXY) announced the election of Claire O'Neill to its Board of Directors, effective January 17, 2023. O'Neill is a former UK Minister for Energy and has significant experience in clean growth strategies. Her appointment increases the Board size from eight to nine members, where she will contribute to the Corporate Governance and Nominating Committee as well as the Sustainability and Shareholder Engagement Committee. Chairman Jack Moore emphasized her expertise in reducing emissions, enhancing Occidental's low-carbon initiatives and long-term sustainability, aiming to deliver value to shareholders.
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