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.
Western Midstream Partners, LP (NYSE: WES) announced a letter of intent with Occidental Petroleum Corporation (NYSE: OXY) to explore low-carbon intensity oil and gas production. The collaboration focuses on developing carbon dioxide (CO2) capture, transportation, and sequestration services in Texas and Colorado. Oxy plans to install carbon capture facilities on its upstream activities, while WES will do the same at its natural gas plants. This partnership aims to enhance sustainability and provide carbon management services to other emitters, reinforcing the companies' commitment to reducing greenhouse gas emissions.
Occidental (NYSE: OXY) plans to begin construction of its first large-scale Direct Air Capture (DAC) plant in Ector County, Texas, in Q3 2022, aiming for operational start-up in late 2024. The facility, once complete, is set to capture up to 500,000 metric tons of CO2 annually, with potential scalability to 1 million metric tons. The project will employ over 1,000 during construction and about 75 once operational, aligning with Occidental’s net-zero strategy. Collaborations with Carbon Engineering and Worley for technology development are highlighted, along with agreements for solar power and carbon credit sales.
Occidental (NYSE: OXY) announced its second quarter 2022 financial results on August 2, 2022. The earnings release is available on Occidental's website and the U.S. SEC site. A conference call for further insights will be held on August 3, 2022, at 1 p.m. Eastern Time. Shareholders can join via phone or webcast, with pre-registration options available. Occidental is a major energy company involved in oil production, midstream marketing, and chemicals, including efforts to advance carbon management and reduce emissions.
Occidental (NYSE: OXY) has declared a quarterly dividend of $0.13 per share on common stock, scheduled for payment on October 17, 2022. Shareholders of record as of September 12, 2022 will be eligible for this dividend. The company, a leading oil producer in the United States with significant operations in the Permian and DJ basins and the Gulf of Mexico, focuses on maximizing the value of its oil and gas assets while advancing carbon management solutions through its Oxy Low Carbon Ventures.
Occidental (NYSE: OXY) will report its second quarter 2022 financial results on August 2, 2022, after market closure. A conference call to discuss these results is scheduled for August 3, 2022, at 1 p.m. Eastern Time. The call can be joined by phone or via webcast. The financial results will be accessible through the Investor Relations section of Occidental's website, and a recording of the call will be available post-event. Occidental is a leading energy company with significant operations in oil production in the U.S., the Middle East, and North Africa.
1PointFive, a subsidiary of Occidental (NYSE: OXY), has signed a lease for approximately 27,000 acres of timberland in Western Louisiana with Manulife Investment Management. This agreement enables 1PointFive to establish a carbon sequestration hub that will store industrial carbon emissions, aligning with Occidental's net-zero goals. The project incorporates Class VI injection permits required for geologic sequestration and enhances 1PointFive’s carbon capture capabilities while supporting local environmental initiatives.
Occidental announced results of its tender offers for cash to purchase outstanding notes, with total valid tenders reaching approximately $4.6 billion. The company increased the maximum purchase prices for three pools of notes: Pool 1 from $700 million to $725 million, Pool 2 from $650 million to $790 million, and Pool 3 from $650 million to $2.25 billion. The offers expired on May 20, 2022, and settlement for accepted notes will occur on May 26, 2022. Notably, specific series of senior notes were accepted for purchase, while several others were not.
On May 16, 2022, Occidental (NYSE: OXY) announced cash tender offers to purchase outstanding notes totaling $2 billion across three pools. Pool 1 has a maximum purchase price of $700 million, Pool 2 is set at $650 million, and Pool 3 also at $650 million. The offers will expire on May 20, 2022, with settlement expected on May 26, 2022. Holders can withdraw their notes before the expiration time. The offers are subject to specific conditions, including the acceptance priority levels for each pool of notes.
Occidental (NYSE: OXY) announced its first quarter 2022 financial results on May 10, 2022. Investors can access detailed earnings information on the company's Investor Relations website and the SEC. A conference call to discuss the results is scheduled for May 11, 2022, at 1 p.m. Eastern. Occidental is a leading U.S. oil producer with operations in the Middle East and North Africa, emphasizing its commitment to carbon management via its Oxy Low Carbon Ventures subsidiary.
Occidental (NYSE: OXY) announced a quarterly dividend of $0.13 per share on common stock, payable on July 15, 2022, to stockholders of record by June 10, 2022. This decision reflects the company's commitment to returning value to shareholders while maintaining a stable financial position. Occidental is a leading oil producer in the U.S., with significant operations in the Permian and DJ basins, and is focused on reducing emissions through its Oxy Low Carbon Ventures subsidiary.
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